Yes, because many people now feel more financially burdened. With wage gains trailing inflation for most people, higher prices for such essentials as gas, food and rent have eroded Americans’ spending power.
And the Fed’s rate hikes have helped send the average 30-year fixed mortgage rate surging above 6%, compared with below 3% a year ago, thereby making homebuying increasingly unaffordable. Many economists monitor the number of people who seek unemployment benefits each week, which indicates whether layoffs are worsening. Weekly applications for jobless aid have sunk to a four-month low, which means that in the midst of a labor shortage, few employers are resorting to layoffs.Many economists also monitor changes in the interest payments, or yields, on different bonds for a recession signal known as an “inverted yield curve.
For many weeks, the yield on the two-year Treasury has exceeded the 10-year yield, suggesting that markets expect a recession soon. Many analysts say, though, that comparing the 3-month yield to the 10-year has a better recession-forecasting track record. Those rates are not inverted now.The economy’s flashing signals — slowing growth with strong hiring — have put the Fed in a tough spot.
We are already in a recession 🙄😑
2 quarters of negative growth
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