Let's talk about preparing for an economic downturn

Let’s Talk New Mexico 7/28 8am: Inflation has been the top economic news story recently with monthly reports showing prices up more than 9% year-over-year. Wages were going up last year too, but now the economy’s future is feeling less stable. Company profits are expected to drop and some corporations have announced layoffs. As the Federal Reserve tries to curb inflation by raising interest rates to prepandemic levels, people feel a pinch when trying to get a loan for a home or a car. The flip-side, though, is that banks are beginning to pay a little more interest on savings accounts than they have been in recent years.