As flush households face the potential of an economic slowdown, they are reluctant to take on debt. Instead, households appear to prefer precautionary saving in contrast with overconsumption.
The central bank hiked its policy rate by 25 basis points to a range between 4.5% and 4.75%, its eighth straight increase, though lower than the recent hikes.
inflation is most likely approaching an inflection point where the central bank can begin considering a pause in its efforts to restore price stability.
The Federal Reserve increased its policy rate by 75 basis points on Wednesday to a range between 3.75% and 4% as it hinted at slowing the pace of its hikes.
On Oct. 19, 2022 the IRS issued a news release warning employers to be wary of third parties who have ramped up campaigns to try and get employers to claim the CARES Act Employee Retention Tax Credit (ERTC) when they may not actually qualify.