Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’

Important Takeaways:

• 2023 Spells Big Trouble for US Economy, Majority of Big Banks Warn: Reports
• The Wall Street Journal predict that the United States will fall into the grips of a recession in 2023 and millions of Americans will lose their jobs
• The institutions that predict a coming recession expect consumer spending to weaken as Americans deplete their savings and an aggressive Fed drives up borrowing costs, and as banks’ lending standards get tighter.
• Even though inflation has eased somewhat from its June peak, it’s far from enough for the Fed to hit the brakes on interest rates, which were brought up quickly from near zero in March 2022 to the current range of between 4.24–4.5 percent.
• Frustrated by how sticky high inflation has remained despite the rate hikes, Fed officials have pledged to keep raising rates and keep them high until inflation recedes to around the Fed’s 2 percent target
• Fed officials said they expect the terminal Fed Funds rate—meaning the highest level before it hits a ceiling and later falls—to come in at 5.1 percent.
• Rates that high will push unemployment up from the current 3.7 percent to 4.6 percent in 2023 and stay at that level in 2024, according to the Fed.
• The International Monetary Fund (IMF)… expects more economic pain. “More than a third of the global economy will contract this year or next, while the three largest economies—the United States, the European Union, and China—will continue to stall,”
• “In short, the worst is yet to come, and for many people 2023 will feel like a recession.”

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