A growing number of middle-class Americans are worried about the state of the economy in the wake of the Federal Reserve's interest-rate hike campaign.
Americans are more worried about the state of the U.S. economy than they were one year ago, despite the resilient job market, slowing inflation and an unexpected surge in growth during the third quarter. The spike in pessimism largely stems from fears over the Federal Reserve's aggressive interest rate hike campaign, which has pushed borrowing costs to the highest level since 2001, according to a new Harris Poll conducted for Bloomberg News.
Hiking interest rates tends to create higher rates on consumer and business loans, which then slows the economy by forcing employers to cut back on spending. While the federal funds rate is not what consumers pay directly, it affects borrowing costs for home equity lines of credit, auto loans and credit cards. Higher rates have helped push the average rate on 30-year mortgages above 8% for the first time in years.
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