The Federal Reserve raised benchmark interest rates by 75 basis points in September for the third time in 2022. The Conference Board has estimated a 96% chance of a recession in the United States within the next year. Moreover, the last quarter of 2022 and the first quarter of 2023 are likely to see negative real GDP growth rates.
In addition, Florida State University economist Jerry Parrish predicted last month that a recession will hit the country in the following nine months. He has questioned the Fed's ability to manage inflation without starting a recession.
