Macroeconomic and geopolitical concerns have kept the stock market under pressure since the beginning of the year. Earlier this week, the Fed announced its fourth benchmark interest rate hike to control the sky-high inflation. Since more interest rate hikes are expected this year, a recession appears unavoidable.
The U.S. economy contracted for the second consecutive quarter, with the gross domestic product declining at an annualized rate of 0.9%. This makes many analysts believe that a recession has already arrived.
