WASHINGTON, D.C.(WNAX)- The Federal Reserve has started a round of increasing interest rates in an attempt to slow down rising inflation.

South Dakota Senator Mike Rounds says the Fed has limited ability to slow down soaring prices.

Rounds says tight employment is beyond the control of the Federal Reserve.

Rounds says the Biden Administration could take almost immediate action.

The latest Consumer Price Index from the Bureau of Labor Statistics was running at an annual rate of eight-point three percent.