Inflation, recession risks, and a full range of emotions towards the Federal Reserve dominated economic news headlines last year, and 2023 promises to be more of the same, as pessimism and growing insecurity about personal finances will likely overshadow all other economic news this year too.
If the early days of the pandemic were all about companies going on hiring sprees and posting record profits, 2022 was about the economy returning to Earth. U.S. inflation soared to a 40-year high early in the year, a blow to many low and middle-income households whose salaries failed to keep up with rising prices. Many have also worried about a looming recession, which some forecasters are starting to say may not happen at all.
