While the economy witnessed a rapid recovery last year, the Russia-Ukraine war might slow or even halt U.S. economic growth this year. The hostilities between the two nations have come amid multi-decade high inflation and the Fed’s plans to raise interest rates multiples times this year. Russia’s actions have already brought strict economic sanctions on the nation. Furthermore, experts expect new sanctions to be imposed on Russia because it has so far refused to halt its Ukraine invasion.
Crude oil prices have skyrocketed recently, with the WTI and Brent benchmarks hitting multi-year highs amid fears of a complete embargo on Russian oil. Historically, the U.S. economy has slipped into recession amid high oil prices.
