There is a "historic surge" of corporate bankruptcies underway in the U.S., as debt-saddled companies struggle to adjust to the new era of high interest rates. New figures published by S&P Global Intelligence show that 75 companies filed for bankruptcy in June, the highest number recorded in a single month since early 2020 at the height of the COVID-19 pandemic.
The Federal Reserve raised interest rates sharply in 2022 and 2023 to the highest level since 2001 in a bid to crush high inflation, bringing to an end more than a decade of ultra-easy money. Officials are now grappling with when they should take their foot off the brake amid signs that economic growth is slowing and inflation is once again falling.
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