1-year high interest rates by Federal Reserve led to mixed economic outcomes, benefiting higher-income households but increasing unemployment, loan costs, and housing affordability issues.

1-year high interest rates by Federal Reserve impacted the US economy with mixed results. Higher-income households benefited from thriving stock market, rising home values, & continued consumer spending. However, higher interest rates led to rising unemployment, longer job searches, & costlier loans for small businesses & lower-income households. The housing market was negatively impacted with mortgage rates at 7% & home affordability at its lowest in 3 decades.

July 27, 2024
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