The economy has been facing several macroeconomic headwinds over the past few months. Inflation hit a new multi-decade high last month, and the Federal Reserve has been trying to tame it through aggressive policy tightening. The Fed has hiked the benchmark interest rates thrice this year, and further rate hikes are in the offing.
Many analysts believe that raising interest rates may lead to the economy slipping into a recession, which is expected to hurt the retail industry significantly. The retail industry is already facing headwinds like supply chain disruptions and soaring prices, due to which consumer demand is taking a hit.
