Bracing for Economic Uncertainty: How Families Can Weather Inflation, Rate Hikes in 2023 and Beyond
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Inflation has been a major economic issue in 2023 after pandemic stimulus and low interest rates drove up prices. The Fed is raising rates to fight inflation.
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Higher interest rates make borrowing more expensive for consumers on things like mortgages, auto loans, and credit cards. This cools spending.
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With uncertainty ahead, families should budget carefully and save where possible to prepare for 2024. Investing can also help.
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College savings plans can help hedge against rising tuition inflation.
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More economic volatility is expected in 2024 with midterm elections, potential geopolitical conflicts, and uncertainty around future Fed rate hikes/cuts.