Goldman Sachs CEO David Solomon warns of additional rate hikes from the Federal Reserve as the central bank sits in a 'wait-and-see mode' on 'sticky' inflation.
The CEO of one of Wall Street’s biggest market makers and movers cautioned that the U.S. economy will be more "fragile" going into 2024 and that the Federal Reserve may not be done with their rate hike campaign. "I think we're going to see a little bit of a slowdown in economic activity. I think the Fed needs more data and more information. I think they'll watch it closely.
With mortgage rates at their highest level in more than two decades, more would-be buyers are balking at the cost of a house payment. At the same time, more would-be sellers are opting to keep their homes rather than move and take on an interest rate that may be twice their current rate. Economists now project 2023 will mark the slowest year for home sales since 2008, when the housing bubble burst.
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