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’

EXCERPT:

EGAN: "Mortgage rates are spiking at the fastest pace since 1987. The average 30-year fixed rate mortgage is now 5.8 percent. That's almost twice as high as a year ago. And this will price some people out of the housing market. The higher mortgage rates go, the less home you can afford. Business leaders and investors are getting nervous. A new survey from the Conference Board found that 60 percent of global CEOs and executives expect a recession by the end of next year, and 15 percent say we're already in a recession. Recession fears have helped cause more market mayhem on Wall Street, with U.S. stocks falling sharply this week. And these losses are shrinking investment portfolios, 401(k) plans, and college savings plans. Now, hopefully these economic worries are overdone and the Federal Reserve is able to get inflation under control without causing a recession. But the risks are clearly rising."