Americans have been rocked by higher energy and food prices, along with their shrinking wealth.
during the summer — the highest since 1981 — and is now 7.7%.The Fed's aggressive rate hikes — meant to cool the economy, and thus, consumer spending — rippled through the markets and upended the way investing has worked since the financial crisis.
Rock-bottom rates since 2008 had driven investors to take bigger and bigger risks — pushing stocks to record highs. Raising rates, on the other hand, was like turning the lights on at the bar at 4am. Investors looked around and thought: This all looks terrible, time to go home.everyday Americans, most of whom have never experienced high inflation, lived through something that felt eerily destabilizing just as they were emerging from the COVID crisis.Stealing the title from one of the year's big movies, rate hikes hit everything everywhere all at once.
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