Americans are going to shop until they drop – Inflation and interest rates are up, the labor market is cooling, the pumpkins are out and the Halloween Federal Reserve meeting is nigh.
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The U.S. Economy is taking Americans for a ride, interest rates hit a 23-year high at 8.34 percent on 30-year mortgages.
Federal Reserve chair Jerome Powell has met his match in the ongoing fight against inflation: skyrocketing oil costs.
Americans’ inflation-adjusted annual median income fell in 2022 to $74,580.
It’s not often the U.S. Federal Reserve faces a phalanx of wobbly banks as it weighs a decision to raise interest rates in order to cool inflation.