FILE- In this Nov. 23, 2020, file photo, a Wall Street sign is displayed outside of the New York Stock Exchange in New York. Stocks are sinking on Wall Street and Treasury yields are moving sharply higher on Friday, June 10, 2022, as markets shudder after another hot reading on inflation. (AP Photo/Seth Wenig, File)
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.
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