Across the world, pandemic-related disruptions to global supply chains and the effects of Russia’s war in Ukraine have driven up prices of energy, commodities and necessities.
As the Federal Reserve’s most aggressive interest-rate hike cycle in a generation filters through the US economy, the gap is widening between the haves and the have-nots.
Even without a recession, households and businesses are feeling the financial pain.
The highest interest rates in 15 years are delaying home dreams, putting business plans on ice and forcing many Americans to agree to loan terms that would have been unimaginable just nine months ago.
Most of all, the surge in borrowing costs is punishing the cash-poor. And it’s about to get worse as the Fed carries on with its anti-inflation campaign and keeps hiking rates next year.
As US mortgage rates hit their highest levels since 2001 this year, real estate agents suddenly found themselves hunting for…
The Jobs Market Is Keeping the US Economy Churning
August 3, 2023
