Wall Street destined to deal with higher rates as Fed battles inflation: Sean O’Hara
PacerETFs Distributors president Sean O’Hara reveals how investors can pick winners in a rising rate and high inflationary environment on ‘The Claman Countdown.’
Americans are feeling increasingly gloomy about their personal financial prospects over the next year as high inflation and rising interest rates squeeze consumers.
A new survey from Fannie Mae shows that just 31% of respondents expect their personal financial situation to improve over the next year, the lowest reading in a series that first began in 2010. At the same time, just 28% of Americans believe the economy is on the right track, according to the survey.
The decline in sentiment comes as the Federal Reserve signals that interest rates may need to climb higher than previously projected as a result of underlying inflationary pressures within the economy.
In testimony before the Senate Banking Committee Tuesday, Federal Reserve Chair Jerome Powell said: "The latest economic data have come in stronger than expected, which suggests that the ultimate level of interest rates is likely to be higher than previously anticipated."
FED CHAIR POWELL SAYS INTEREST RATES ARE ‘LIKELY TO BE HIGHER’ THAN PREVIOUSLY EXPECTED