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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%

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