One of the world’s largest banks is warning of an imminent recession. WRAL’s Matt Talhelm found out how that would affect us here in North Carolina – and how you can start saving a few bucks now.
FOR DIRECTIONS SWINGING BETWEEN WIN AND LOSS TODAY. AND RECESSION IS A WORD THAT CREATES FEAR AND MANY FAMILIES THAT MEANS LOSING JOBS AND ADDING DEBT. >> AND THIS IS A REAL CONCERN NOW AFTER ONE OF THE BIGGEST BANKS IN THE WORLD, DEUTSCHE BANK, IS INTO A MAJOR RECESSION BY THE END OF NEXT YEAR. WRAL’S MATT TALHELM EXPLAINES HERE HOW THIS WOULD AFFECT ALL OF US IN THE TRIANGLE AND WHAT WE CAN DO NOW TO PREPARE FOR THE POSSIBILITY OF A DOWNWARD. FROSTED. >> YES, MICHELLE, IT’S THE FIRST BIG BANK TO WARN ABOUT THIS. AND THIS IS ALL IN CONNECTION WITH THE FEDERAL RESERVE RAISING INTEREST RATES TO TRY TO CONTROL RECORD-HIGH INFLATION. WE ALL FEEL SO HISTORICAL, WHAT HAPPENS AFTER AN INFLATION, A RECESSION? EVERY TIME YOU REFILL THE TANK. OR VISIT THE STORE, YOU WILL BE MET BY A LARGER TOTAL. THINK ABOUT THIS EVERY WEEK. GAS PRICES ARE RISING AGAINST A RISING. The cost of living goes up. THESE RISING PRICES TRIGGERED THE FEDERAL RESERVE TO RISE INTEREST RATES FOR THE FIRST TIME SINCE 2018. THE RISK IS OF COURSE >> THAT THIS INTERVENTION WILL PERFORM TOO MUCH SLOWING GROWTH OR NEGATIVE GROWTH, A RECESSION THAT COULD BE UGLY. BUT WITH SO MANY NEW JOBS ANNOUNCEMENTS AND INVESTMENTS FROM BIG COMPANIES AND THE HOT HOUSING MARKET. >> IS THE TRIANGLE ISOLATED BY A BLOWING BUBBLE OR LIKELY TO HAVE A SLIGHTLY SOFT LANDING AND PART OF THE REST. THE COUNTRY. MARK HUGHES CO IS CEO OF MORGAN CREEK CAPITAL MANAGEMENT AT CHAPEL HILL AND END OF THE DAY. IT’S ABOUT FAMILIES. HE ADVISES FAMILIES TO AVOID NEW DEBT OR RISKY FINANCIAL STEPS. AT THE MOMENT. THE AVERAGE. >> THE FAMILY MAY BEND A LITTLE RIGHT. JUST BE PROTECTIVE. PERHAPS NOT STANDING HAS EXTENDED AS THEY IN AND BOOM, PERIOD. >> A FEW MORE THINGS YOU CAN DO TO TRY TO PROTECT YOUR FAMILY FROM THIS RECESSION. THIS MIGHT BE ON THE WAY. ONE THING YOU COULD DO IS YOU CAN BUILD YOUR SAVINGS. PAY OFF DEBT, TOO. PAY ON THESE CREDIT CARDS OR MAYBE A LITTLE MORE ON YOUR MORTGAGE PAYMENT EVERY MONTH AND MAYBE NOT TAKE THOSE EXPENSIVE VACATIONS. THEY HAVE PLANNED THE FEDERAL RESERVE EXPECTED TO MEET NEXT WEEK WHERE THEY EXPECTED TO RISE THESE RATES AGAIN,
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