Your guide to the state of the economy

WAMU 88.5 | By Kathryn Fink

Published July 19, 2022 at 1:06 PM CDT

Prices for gas at an Exxon gas station on Capitol Hill are seen in Washington, DC.

Inflation. Increased interest rates. Whispers of an impending recession.

If your wallet is hurting, you’re not alone.

So what’s ahead? And what will the Biden administration do to address it?

up from 44% a month ago and just 18% in January.

Some 46% of economists said they expect the Fed to raise interest rates excessively and cause unnecessary economic weakness. Slightly fewer, 42%, said they anticipated the Fed increasing rates about the right amount to balance inflation and growth. Around 12.3% thought it would raise rates too little.

“Fiscal and monetary policy was left too loose for too long and now the Fed is playing catch-up and this always comes with a chance of overshoot,” said James Knightley, chief international economist at ING, who currently puts the risk of recession in the next 12 months at 50%.

is hoping this time will be different.

We talk with experts about the state of the economy — and what to consider when making financial decisions.