News Snapshot:
The US will tumble into a recession next year as the Federal Reserve jacks up interest rates to combat high and widening inflation, Deutsche Bank economists David Folkerts-Landau and Peter Hooper said in a report on Tuesday. They see the Fed raising rates by 50 basis points at each of its next three meetings on its way to a peak above 3.5 per cent by the middle of next year. The Fed’s current target for the federal funds rate is 0.25 per cent to 0.5 per cent, after it lifted off levels near zero last month. Deutsche Bank is one...
