This week, the Fed announced the biggest interest rate hike since 1994.
The central bank is trying to fight inflation by slowing the economy down without sending it into a recession.
Whatever happens…
… people are feeling the heat either way. The misery index — a measure that sums up inflation and unemployment rates — is rising dramatically.
The first misery index was developed by economist Arthur Okun, an advisor to President Lyndon Johnson, in the 1970s.
Unrelated, but related: Apparently, it’s a TikTok trend to drive past the Missouri state line while blasting Maroon 5’s “Misery.”