The inflation rate slowed to 7.1% in November, compared to 7.7% in October. Moreover, consumer confidence improved in December. Lynn Franco, Senior Director of Economic Indicators at the Conference Board, said, “Consumer confidence bounced back in December, reversing consecutive declines in October and November to reach its highest level since April 2022.”
However, the Fed signaled that it would continue raising interest rates in 2023 to battle inflation. The Fed’s consecutive rate hikes will likely push the economy into a recession.
