Fannie Mae says the US will enter a 'modest' recession in 2023

Fannie Mae economists predict that the US will enter a 'modest recession' next year as hits a 41-year high of 8.5 percent, with multiple banks also expecting the economy to tank.

The company says part of the reason is the 's effort to raise interest rates, which could scare people away from taking out home and business loans.

The Fed aims to raise interest rates to two percent by the end of the year. This is after the central bank dropped them to near-zero to encourage spending during the worst days of the pandemic.

Load More