While the Fed is continuously raising interest rates to reduce the sky-high inflation and the Senate recently passed the Inflation Reduction spending, many economists do not expect these measures, particularly the government spending, to reduce inflation in the near term.
The U.S. economy contracted for two consecutive quarters of the year, making many analysts believe that the recession has already arrived. ARK Invest CEO Cathie Wood said, “We believe we are in a recession, two consecutive quarters of GDP declines is the beginning of that definition.”
