 Did you look at the numbers yesterday the stock market took a big dive yesterday closing significantly lower after the Fed Warned they might have to raise interest rates for a lot longer and maybe up bigger a lot The move could be yet another attempt to lower in inflation rates They say but is it worth the market turmoil and instability? Well join us right now here in studio and we've got stock swoosh Founder Melissa Armo. Well, listen. Good morning. Yesterday the stock market took quite a swoosh, didn't it straight down it did It swished straight down. Yeah, it's too bad. So what do you make of you know? The administration is always trying to put on the happy face things are getting better We're we're trying to get the inflation rate down to 2% who are still a long ways away from it And that's why the Fed said we're gonna have to continue to jack up the rates Unfortunately, that means a lot of people are gonna lose their jobs Well, we've already seen companies lay people off since the beginning of this year again American companies are very resilient So they're almost planning ahead for the fact that we could possibly go into a recession at the latter part of 2023 In fact, Facebook, which is now meta is planning on coming out with more layoffs by the end of this week So Amazon Disney a lot of these companies Microsoft have already laid people off since the beginning of this year They were overcompensating by bringing people on board in the last few years since COVID And they almost over hired because it was such a competitive market and now they're laying people off So that's a problem and remember unemployment the unemployment rate actually comes out Friday So we'll see what it says, but that's a lagging indicator So every time we get the number every time the administration, you know talks about the number It's retroactive was something that happened in the past Eventually it's gonna catch up to it where we're gonna see that number tick up And it could be this Friday in which case then you could see another negative reaction in the stock market by the end of this week Here is the head of the Fed talking about raising rates yesterday watch Have come in stronger than expected Which suggests that the ultimate level of interest rates is likely to be to be higher than previously anticipated If the totality of the data were to indicate that faster tightening is warranted We'd be prepared to increase the pace of rate hikes Okay, so increase the pace increase the amount Ultimately if you have anything on credit, it's gonna cost you more and it's gonna make it much harder to buy a house Well, first of all, I think anybody that wanted to buy a house probably bought a house When the boom happened because you could have sold your house to make tons of money if they could find something If you could find something a lot of people downsize, you know People wanted to retire early things like that are moved to a cheaper state I would say people are moving around a lot across the country after COVID so that had a plate of part in it Probably by the end of the year you're gonna see mortgage rates at 8% and I know people are like oh my god I know I mean years ago. They used to be 9 in 10, you know when my parents bought their first house I think it was 13% Chris. That was a long time ago 18% So 8% steep for you, but you know for most it's not it doesn't have to be that's it Well, the problem is that inflation right now is ticking right under 7% But me I'm a consumer I buy you know if you go to the grocery store you have your cookbook you go buy food Food costs are not 7% higher the somewhat the food costs are 100% higher 50% I bought eggs yesterday for $7 a dozen It's ridiculous. It's like gold eggs when you buy them, especially here in New York I've seen it for like $10 $10 for like it doesn't so it depends where you live But that's they said the bird flu this thing that thing with the eggs You've still seen an uptick in prices all across the board with everything The bottom line is that people should expect the fact that if for every $10,000 saying credit card debt You're gonna pay an extra hundred dollars even in the next I'd say three months with the way that they're gonna raise rights Nobody knows if they're gonna raise them a half a point in two weeks or not But they could and so people need to be aware of that. So stand by all right get you get some good advice over at stock swoosh calm Thank you. Thanks for having me. All right