Prices at the gas pump and in the grocery store continue to rise. Cryptocurrencies are crashing and the stock market took a plunge last week. On Wednesday, the Federal Reserve raised interest rates by the largest amount since 1994 in an attempt to cool down the economy and limit the demand for goods and services.
Businesses and consumers are increasingly worried the U.S. economy will tip into a recession. There are already growing signs that Americans are starting to spend less on dining out, vacation plans and even routine services like manicures and haircuts. What questions do you have about interest rates, rising prices and the U.S. economy? The Post’s Abha Bhattarai, Michelle Singletary and Rachel Siegel answered below.
- Abha Bhattarai is the economics correspondent for The Post and previously covered retail.
- Michelle Singletary is The Post’s personal finance columnist and the author of “What to Do With Your Money When Crisis Hits: A Survival Guide.”
- Rachel Siegel covers the Federal Reserve for The Post and was previously a breaking news report for the financial section.
Read the Q&A below.
Sign up for The Post’s weekly personal finance newsletter by Michelle Singletary to get regular advice on budgeting and planning.
Teddy Amenabar, an editor on The Post’s audience team, produced this Q&A.