Both the global and domestic economies have been smacked with a variety of economic headwinds, from increased geopolitical conflicts to elevated inflation and prolonged labor disputes. The Federal Reserve has signaled that interest rates will stay higher for longer, leaving some analysts to believe that a recession is inevitable. With rates being so high, the impact is felt on the consumer which translates to less buying power that can impact businesses even more.
"You're seeing a massive increase in consumer debt, particularly credit card debt. That obviously has a depressing impact on future purchases, especially with the high ratings of consumer loans," Sperling explains.'Next move likely an interest-rate cut' — What economists say about the latest inflation numbers
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