US inflation and core inflation had hit 7% and 5.5% respectively.

 US inflation (Dec 2021): 7%

US core inflation (Dec 2021): 5.5%

What's gonna happen during the upcoming Fed meeting?  Let's take a look at the Fedwatch's forecasts in January and March 2022.

January 2022: No rate hike because there is a high probability (96.9%) that the rate will remain at 0-0.25%.

March 2022: A rate hike may happen because of a high probability of 79.4%.