Rates, credit cards, car loans. it means more downward pressure on the economy, and so officials are also projecting some more negatives for the economy. they put out a new round of economic projections, and they were downgraded across the board. the fed now sees near zero growth next year in terms of gdp. that forecast was cut in half. they ve bumped up their unemployment forecast. they now see unemployment going from 3.7% to 4.6% next year. that translates to the loss of millions of jobs, and they also bumped up their forecast for inflation. singh so i think you put all of it together, the fed is trying to drive home this message that more work is going to be needed to get inflation back towards healthy levels. all right. matt egan for us there at the federal reserve. thank you, matt. thanks, matt. well, right now, millions of people in the southeast are at risk for tornadoes as a massive storm system continues to move
Mark for the first time since january, 2021. the s&p 500 posted the tenth down week in the last 11. the worst weekly performance since march 2020. and in terms of the scale here, we re talking about 5, 6% pullback for all three of the major indices. now, this week, once traders return to work, tomorrow, folks will turn to the fed chair once again, and he will be speaking in testimony before congress later this week, and he s expected to hold firm on the fed s new plan to be more aggressive when it comes to raising rates, to combat inflation. he also may face some scrutiny from lawmakers over the fed s new unemployment forecast which had risen recently. and just to remember, the big question here, that is overhanging markets, is to what extent the impact, to what extent the federal government will have to raise rights to raise inflation and what impact that will have in turn on growth. certainly to watch that this week as markets open tomorrow.
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