The central bank announced its fourth straight interest rate hike of three-quarters of a percentage point, continuing its aggressive and unprecedented campaign to get inflation under control, a move that threatens to contract the U.S. economic growth.
Despite the rise of the unemployment rate in October, Bank of America Corp. (BAC) analysts said the U.S. economy is "clearly overheating," particularly the labor market, as wage growth remains robust. Additionally, analysts see the economy shrinking at an annualized pace of 1.5% in the first three quarters of 2023.
