Recession has been lurking in the shadows as inflation chips away at wages and overall consumer confidence. Economists say the narrative changed from when, not if, the economy will dip into a recession.
All eyes will be on Federal Reserve Chairman Jerome Powell on Wednesday when he speaks to press after the board meets. The Fed previously announced June’s interest rate hike will be another half percentage point. Economists will be waiting to hear what next steps are as inflation shows no signs of slowing down.