With the Federal Reserveās latest rate hike adding half a percentage point to the cost of debt capital and reaching its highest level in 15 years, the majority of small business loans will hit the double-digit interest level for the first time since 2007, CNBC reports.Ā
Americans cut back sharply on retail spending last month as the holiday shopping season began with high prices and rising interest rates forcing families, particularly lower income households, to make harder decisions about what they buy.
The number of Americans applying for unemployment benefits fell significantly last week, a sign that the labor market remains strong even as the Federal Reserve continues to raise interest rates in an effort to cool the economy and slow inflation.