On June 15, 2022, the Federal Reserve made its third hike to the federal funds rate, increasing the rate to a range between 1.5% and 1.75% (75 bps).
Overall market conditions continue to show rising inflation and energy costs and deteriorating consumer confidence. The war in Ukraine continues unabated, which is causing energy and food shortages. Additionally, China still has COVID-19 lockdowns in place that continue to impact Supply Chain operations all over the world.
