Economist projects interest rates to surpass 2007 levels as inflation slows
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Amid the
CUNA expects interest rates to rise to an average 2.5% by the end of 2022, which would be on track with the level reached in 2007, Senior Economist
At its most recent meeting in May, the
"It is very important to get inflation under control, which is why the
If you are interested in taking advantage of interest rates before they rise higher, you could consider taking out a personal loan to pay down high-interest debt. Visit Credible to find your personalized interest rate without affecting your credit score.
INFLATION HITS ANOTHER NEW 40-YEAR HIGH IN MARCH, RISING TO 8.5% ANNUALLY: WHAT IT MEANS FOR INTEREST RATES
Fed seeks to lower high inflation
Inflation is currently surging near rates not seen since the 1980s. The latest report from the
Surging prices for gas, housing and food have kept inflation high, even as the
This comes as the economy continues to strengthen, with the employment rate falling 40% over the last 12 months, according to CUNA. There are now two job openings for every job seeker, helping contribute to high inflation.
If you are looking to cut costs amid rising inflation, you can potentially save money by refinancing your home loan to lower your monthly payment. Visit Credible to compare multiple mortgage lenders at once and choose the one with the best interest rate for you.
US ECONOMY UNEXPECTEDLY SHRINKS 1.4% IN FIRST QUARTER OF 2022: IS A RECESSION LOOMING?
Recession risk rises for 2023 or 2024
As the
"If the Fed turns out to be particularly skillful and lucky, these [interest] rate movements will slow the economy enough to cool inflation without causing a recession," Kebede said. "However, the risks are that the monetary tightening could cause a mild recession in 2023 or 2024."
In its latest economic outlook,
Already this year, the economy unexpectedly shrank by 1.4% in the first quarter, according to the
If you need to free up your monthly cash flow in today's economy, you could consider refinancing your private student loans to lower your monthly payments. To see if this is the right option for you, contact Credible to speak to a student loan expert and get all of your questions answered.
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