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Financial experts recently told the New York Times that various data points show that a recession of the U.S. economy is highly likely this year.
It’s not just the supply of credit that’s shrinking. It’s also the demand for it.
New York Federal Reserve's Empire State business conditions index rose in February but indicated a decline in activity for 3rd month in a row
Some historical perspective helps.
A key inflation gauge heavily relied on by the Federal Reserve when setting interest rates inched down in May but remained elevated near multi-decade highs at a level more than twice the central bank's inflation target, suggesting the Fed's fight to relieve price pressures will be drawn out.