CNN’s Matt Egan: ‘Another Brutal Week for the American Economy’; ‘60% of Global CEOs and Executives Expect a Recession by the End of Next Year’

WHITFIELD So this week ░░░░░░░░ historic Fed rate hike ░░░░░░░░ aimed at taming inflation ░░░░░░░░ is already causing interest ░░░░░░░░ to spike And it ░░░░░░░░ as wages in the ░░░░░░░░ S are climbing at ░░░░░░░░ fastest rate since the ░░░░░░░░ 80s and unemployment remains ░░░░░░░░ But there are serious ░░░░░░░░ the Fed s decision ░░░░░░░░ lead to a recession ░░░░░░░░ s Matt Egan breaks ░░░░░░░░ the mixed signals on ░░░░░░░░ U S economy EGAN ░░░░░░░░ was another brutal week ░░░░░░░░ the American economy Stocks ░░░░░░░░ down inflation and borrowing ░░░░░░░░ are up And all ░░░░░░░░ is causing real economic ░░░░░░░░ for families The good ░░░░░░░░ is that the jobs ░░░░░░░░ is still pretty strong ░░░░░░░░ low unemployment layoffs are ░░░░░░░░ uncommon though they are ░░░░░░░░ up a bit The ░░░░░░░░ news is even the ░░░░░░░░ House concedes that the ░░░░░░░░ market needs to slow ░░░░░░░░ to get inflation under ░░░░░░░░ Inflation is so high ░░░░░░░░ the Federal Reserve is ░░░░░░░░ to the most aggressive ░░░░░░░░ rate hike since 1994 ░░░░░░░░ goal is to slow ░░░░░░░░ economy just enough that ░░░░░░░░ chill out but not ░░░░░░░░ much that it causes ░░░░░░░░ recession And that s ░░░░░░░░ going to be easy ░░░░░░░░ the meantime borrowing costs ░░░░░░░░ surging especially in the ░░░░░░░░ market Mortgage rates are ░░░░░░░░ at the fastest pace ░░░░░░░░ 1987 The average 30 ░░░░░░░░ fixed rate mortgage is ░░░░░░░░ 5 8 percent That ░░░░░░░░ almost twice as high ░░░░░░░░ a year ago And ░░░░░░░░ will price some people ░░░░░░░░ of the housing market ░░░░░░░░ higher mortgage rates go ░░░░░░░░ less home you can ░░░░░░░░ Business leaders and investors ░░░░░░░░ getting nervous A new ░░░░░░░░ from the Conference Board ░░░░░░░░ that 60 percent of ░░░░░░░░ CEOs and executives expect ░░░░░░░░ recession by the end ░░░░░░░░ next year and 15 ░░░░░░░░ say we re already ░░░░░░░░ a recession Recession fears ░░░░░░░░ helped cause more market ░░░░░░░░ on Wall Street with ░░░░░░░░ S stocks falling sharply ░░░░░░░░ week And these losses ░░░░░░░░ shrinking investment portfolios 401 ░░░░░░░░ plans and college savings ░░░░░░░░ Now hopefully these economic ░░░░░░░░ are overdone and the ░░░░░░░░ Reserve is able to ░░░░░░░░ inflation under control without ░░░░░░░░ a recession But the ░░░░░░░░ are clearly rising Back ░░░░░░░░ you WHITFIELD All right ░░░░░░░░ Egan, appreciate that.”