The Federal Reserve has hiked interest rates by 75 basis points for two consecutive months. The Fed members voted unanimously in favor of the supersized rate increase this month to tackle the skyrocketing inflation.
Moreover, unemployment claims hit their highest level since November this month. On top of it, the U.S. economy contracted at a 0.9% annualized pace for the second quarter. The second straight GDP decline meets the rule of thumb for a recession.
