As the Valley economy continues to reel from the pandemic, the Federal Reserve’s anticipated interest rate hikes in 2022, inflation and record-breaking oil prices cast a pall of uncertainty over the outlook.
The Federal Reserve’s primary focus to lower inflation by increasing interest rates could steer the regional economy toward a “hard landing.” Consumers can take preemptive actions by switching from adjustable to fixed-interest rates and refinancing home mortgages and auto loans now while interest rates are still relatively low.