The Federal Reserve is expected to raise its key interest rate another 0.75 percentage point Wednesday afternoon, in an attempt to cool inflation.
Meanwhile, fears of a recession loom over the country and Americans are becoming more pessimistic about the economy. Consumer confidence slipped in July for the third month in a row, according to the Conference Board’s latest survey.
However, the Biden administration is downplaying recession worries, citing strong numbers in jobs and manufacturing.
