During the presidential debate, Trump accused Harris and the Biden administration of overseeing significant inflation, which he claimed was the worst in U.S. history. Harris countered by mentioning her role in passing the Inflation Reduction Act and suggested Trump’s tariffs could reignite inflation. Since the pandemic, the cost of groceries has risen, with the overall consumer price index up 21%. Housing costs have also increased, with nationwide rents up 25% on average. Evictions are rising in certain cities, and mortgage delinquencies are increasing. The Federal Reserve is expected to cut interest rates by 0.25% to address inflation, though some experts fear this may not be sufficient to prevent a potential economic downturn. Despite positive indicators like wage growth and consumer spending, some economists warn of a “hard landing” for the economy. Investors are watching Fed Chair Jerome Powell’s remarks to gauge the severity of the economic situation and whether further rate cuts will be necessary. Overall, the U.S. economy is in a state of uncertainty, with inflation, housing costs, and job market trends raising concerns about future economic stability.
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