FILE - A salesman talks with customers at an Acura dealer in Wexford, Pa., on Sept. 29, 2022. The Federal Reserve may reach a turning point this week as it announces what's expected to be another substantial three-quarter-point hike in its key interest rate. The Fed's hikes have already led to much costlier borrowing rates, ranging from mortgages to auto and business loans.
Many economists fear that the central bank's maneuvers could spark a recession by next year. The Fed has raised its benchmark interest rate six times in sizable increments this year, heightening the risk that the cost of borrowing money for homes, autos and other big-ticket items, will tip the world’s largest economy into recession.
In the midterm elections that ended Tuesday, roughly half of voters cited inflation as the top factor, according to VoteCast, an extensive survey of more than 94,000 voters nationwide conducted for The Associated Press by NORC at the University of Chicago. About eight in 10 said the economy was in bad shape, and a slim majority blamed President Joe Biden for worsening inflation. Just under half said factors beyond Biden’s control were to blame.
Malcolm Wilson, CEO of logistics firm GXO, said there has been significant improvement in supply chains.