Are we headed towards a recession?
Although there isn't consensus on whether or not the US economy is in a recession, one thing’s for sure…things are different. Consumer spending is shifting and this means that even if you don’t feel it now…negative effects will trickle down to every company, regardless of industry and size. You may have already been feeling the squeeze of stagflation and lower consumer spending.
See how Walmart, the nation’s top retailer, is seeing the spending shift. Consumer spending, usually the ‘canary in the coalmine’, is showing us that: wages are not keeping up with inflation, which is up 9%. A recession is coming, and it doesn’t matter if your customers are consumers or businesses, it is all connected.
The Fed raised rates at the end of July…as inflation skyrockets. Since April of this year the Fed has taken steps to curb inflation, including the steepest rate hike since 1994!
In fact, the Fed predicts that today's rates will more than double by the end of 2022. That's why we want to make sure you understand your options for dealing with higher rates.