How Will Higher Interest Rates Impact the Labor Market?

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The Fed’s ongoing fight against inflation will continue on July 27; they have signaled another large jump in their benchmark interest rate. Markets expect a hike of 75-basis-point (or 0.75 percentage points), the second in the last two months. The Fed’s challenge is to strike a balance between cooling the economy enough to curb inflation, but not so much as to cause a recession. 

One fundamental on their side in this battle is a strong labor market. The unemployment rate remains historically low, and high job openings continue to indicate the market is incredibly tight. However, the labor market

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