The Federal Reserve is expected to raise interest rates by three-quarters of a percentage point for the fourth time in a row this week, as inflation still remains high and the economy expanded in the third quarter.
Chester Spatt, professor of finance at Carnegie Mellon University’s Tepper School of Business and former chief economist of the Securities and Exchange Commission, said, “The impacts on the consumer have created potentially difficult economic circumstances and are likely to get considerably worse as we get more of these rate hikes kicking in.”
