U.S. interest rates have hit their highest point since 2007, right before the start of the Great Recession currently sitting at 5.33% (St. Louis FED) and American consumers have been feeling the brunt of it. The spiking cost of everyday goods, record-high mortgage rates, and high fluctuating oil prices have caused the consumer to feel immense financial pain over the past two years.
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By the first week of December, Twitter had let go about half of its 7,500-employee workforce… But layoffs in the tech sector have been rampant both before and after the Twitter news. In 2022, 140,000 jobs were slashed from both public and private organizations in the industry.
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With inflation steadily increasing due to the numerous issues dealt with in the last two years, investors and consumers show concern as prices continue to rise. Many Fed officials have discussed a strict, aggressive approach to battle these rising costs. But now the long-awaited interest rate hike from the Federal Reserve faces a challenge. The Russian invasion of Ukraine.
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The past year has seen a real estate boom despite several areas of the economy still struggling due to the pandemic. CBS News reports that home prices grew 15 percent by the end of 2020 compared to the year prior. According to Realtor.com, home prices have risen 14.3 percent since the onset of the pandemic, there are 50 percent fewer homes on the market, and new listings are 27 percent lower than expected for March 2021.
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The Federal Reserve has promised to maintain record-low interest rates to support the United States economy in the pandemic’s worsening times. As COVID-19 cases continuously shatter record highs set by the U.S., it has left many economists convinced that the economy cannot make any sustained recovery until the epidemic is maintained and that most Americans will feel safe conducting their normal outdoor daily activities. Following the Fed’s update on its monetary policy last Thursday, the near-zero interest rates are intended to stimulate spending and inject liquidity into the economy.
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