US economy faces a 'reckoning' over rising loan costs

Former Kansas City Federal Reserve President Thomas Hoenig discusses whether Jerome Powell needs to aggressively hike interest rates on 'Cavuto: Coast to Coast.'faces a "reckoning" as businesses grapple with rising loan costs, according to a new survey from RSM.

More than three-quarters – about 77% – of senior executives at firms expect interest rates to increase in the coming months. A stunning 82% of respondents in the RSM Middle Market Business Index survey said that rising rates carried a negative risk to their operations. A pedestrian passes the Marriner S. Eccles Federal Reserve building in Washington, D.C., on June 3, 2023.

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