With the Fed hiking interest rates by 75 basis points for two consecutive months to tame the 9.1% year-over-year rise in U.S. consumer prices, recessionary concerns are widespread. While the stock market witnessed some recovery last month, the S&P 500 is down 13.6% year-to-date.
On top of it, the U.S. Gross domestic product fell at a 0.9% annualized rate in the second quarter after a 1.6% decline in the year's first three months. Economists widely take this as a sign of a recession. However, the Fed’s Chair Jerome Powell does not see the country in a recession at present.
