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Confidence in US economy is dropping, polling shows

WASHINGTON (TND)— It’s been a rocky week for the U.S. economy and new polling shows that Americans have an increasingly negative view of the economy.According to CNN, 55% of Americans say President Joe Biden’s policies have made economic conditions worse.

The head of the Federal Reserve knows the task in front of him isn’t easy.

“I would say I think we have a good chance to have a soft or softish landing,” Chairman Jerome Powell said Wednesday.The Fed has raised interest rates by half a percentage point in order to cool inflation and has indicated that they may do it again but some are concerned it may lead to a recession.

The fear of further economic downturn has many Americans rearranging their budgets to cover the rising cost of necessities like housing.The average rate of a 30-year fixed-rate mortgage hit 5.27% , according to Thursday’s update from Freddie Mac. That’s up more than two points from a year agoThe average rate of a 15-year fixed rate mortgage hit 4.52%, also about two points higher than the average a year ago.

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