recession?
Federal Reserve announced a 0.75% increase in fed funds rate, taking its target range to 1.5% to 1.75%
- Likely to raise rates another 1.5% in second half of year
- S&P 500 down 20% from start of 2022
- NASDAQ down 30%
- Average hourly earnings have increased by 9.3% but consumer prices have gone up 13.6%
- Consumer spending fell by 0.4% in May
- Manufacturing output dipped 0.1%