Fed: Curbing Inflation Will Cost Jobs

Stocks worldwide tumbled Friday as fears of a global recession swept over investors. With the Federal Reserve hiking interest rates by three-quarters of a point this week, some analysts worry that a recession is already here, and more damage is expected.

The Federal Reserve projects unemployment is expected to rise. The rate was at 3.7 percent in August and could reach up to 5 percent in 2023.

That means another 1 to 2 million Americans could be laid off.