FILE - Visa credit cards in New Orleans, Aug. 11, 2019. –
The Federal Reserve hiked its key interest rate rate to a 23-year high to combat four-decade high inflation, which peaked in June, 2022 at 9.1%. Those rate increases made borrowing more expensive on mortgages, auto loans and credit cards. Wall Street has so far brushed off concerns about rising credit debt levels and payment struggles, forecasting earnings growth to accelerate from 5.6% in the first quarter to 17.1% by the fourth quarter.
The Fed is now faced with the prospect of inflation remaining stubbornly high around 3%, above its target of 2%. The mix of high inflation, expensive borrowing rates and a slowing economy has thrown more doubt around the central bank's ability to tame inflation without causing a recession.
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