Last month, the Federal Reserve increased interest rates again, the ninth consecutive increase since the Fed began raising rates in March 2022. While the full effects of the latest rate hike remain to be seen, analysts debate whether the Fed will raise rates again at its next meeting in May.
This is the big question on the minds of many Americans: Will increased interest rates push the economy into a recession? Higher interest rates make borrowing more expensive and indirectly limit consumer spending, pushing down demand for goods and services and leading the economy closer to a recession. Here is what you need to know about the rate hike campaign we’ve seen over the last year and where rates may go in the coming months….