An IRAQuote.com representative takes a closer look at what this could mean for the economy in 2023.
Once again, the Federal Reserve has opted to raise interest rates – and once again, consumers are wondering how it will tie in with a potential recession in 2023.
A new report from The Epoch Times shows that the rate rose an additional 50 basis points, bringing it into a target range of 4.25-4.5 percent. That’s the highest level it’s been at since late 2007.
This marks the seventh time that interest rates have been risen this year, for a grand total of 425 basis points. And they will likely continue to go up in 2023.
“I wouldn’t see us considering rate cuts until the committee is confident that inflation is moving down to 2 percent in a sustained way,” noted Fed Chair Jerome Powell, hinting that rates could rise beyond 5 percent next year.
The Federal Open Market Committee pointed a finger at Russia’s war against Ukraine as one of the driving factors, “causing tremendous human and economic hardship,” according to their report. “The committee is highly attentive to inflation risks.”
So what will that mean for the economy in the new year? Joining us now is a representative from IRAQuote.com to weigh in on the matter.
Q&A:
- Should it be somewhat alarming that federal interest rates have jumped up so many times over the course of 2022?
- The Federal Open Market Committee seem to primarily blame the Russia/Ukraine war for the increase in pricing for various items, like food and housing. But could there be other factors contributing as well?
- As a whole, where do you see the economic market going in 2023? Do United States citizens have a reason to be concerned about a pending recession?
- At what point do you think the federal rates could go back down again? Or, for that matter, will they go down anytime soon?
- During this turbulent time on the economic market, do you have any investment advice for citizens?
- You recently debuted a new website called IRAQuote.com. Tell us how that works and what services you provide to interested parties.
About Brett Winterble…
Brett Winterble is a graduate of Emerson College and American Military University with degrees in Political Communication and Homeland Security/Intelligence Studies.
About Robert Davi…
Robert Davi is an American actor and singer, who’s appeared in over 130 films over the course of his career. These include iconic films such as Die Hard, Licence To Kill (where he portrayed a James Bond villain) and The Goonies, among countless others. He’s also released a number of jazz albums and performed at The Venetian Las Vegas.
Robert previously hosted The Robert Davi Show and The Conversation w/Robert Davi on CRN Digital Talk Radio. Currently, he serves as partner and spokesperson for IRAQuote.com, a website that advises others on the importance of IRAs, as well as gold and silver metals.
CONTACT: Jerry McGlothlin of Special Guests 919-437-0001 jerry@specialguests.com
