Rising interest rates, red-hot inflation, the war in Ukraine, and the environmental crisis have pushed the economy over the edge this year. Moreover, with China’s lockdown exacerbating supply chain and pricing pressures, the U.S. economy appears to be teetering toward recession.
Although Jerome Powell has recently signaled a slowdown in rate hikes, Beth Ann Bovino, the chief U.S. economist at S&P Global Ratings, said she expects another Fed rate increase this year, predicting the federal funds rate to reach 5% to 5.25% by the second quarter of 2023.
