Resilience In Recessionary Times

In an effort to tame inflation the Federal Reserve has been raising interest rates consistently throughout the year. Earlier this month we saw an additional 75-basis point hike, making it the 6^th hike of 2022 and it is likely it won’t be the last. What’s more, according to a recent report by McKinsey, 81% of leaders see a recession coming down the pike. With the Fed expected to continue to raise rates into the first half of the new year, it’s more important than ever for business owners to prepare, stay alert and be ready for what this next year may bring.

Fed Chairman Jerome Powell suggested in a previous statement that the fight against inflation will likely bring some pain to both consumers and businesses, and it won’t be easy as we navigate the coming months.