Insurance broker meeting with clients. Agents should anticipate that the inflation families have been weathering will put pressure on insurance renewals. (Photo: nenetus/Adobe Stock)

The signs of an impending recession are becoming more evident, with consumer confidence falling, the housing market showing signs of a downturn, and the Federal Reserve tightening aggressively. In late June, the Fed raised the federal funds rate by three-quarters of a percentage point, its largest increase since 1994.

According to a recent Reuters poll, economists expect the Federal Reserve to deliver another 75-basis-point interest rate hike in July, followed by another half-percentage-point rise in September — and as the price of borrowing money rises, economic activity is expected to decrease.

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