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The Dow Jones Industrial reacted to his comment by dropping nearly 900 points (about 2%).
That means families may have to stretch their budgets even further as income becomes less stable.
Im starting to see a resurgence in response to the rising cost of groceries and services.
Recession vs. Inflation
A recession impacts Americans differently depending on income levels.
A recession could lead to either lower or higher interest rates.
Lower rates could mean reduced debt burdens and lower monthly payments, Razon said.
For homeowners, a recession-induced rate drop could present an opportunity to refinance at lower rates.
For savers, however, lower interest rates might mean reduced returns on high-yield savings accounts and CDs.
Are There Any Opportunities in a Recession?
While recessions bring financial hardship, they can also present opportunities for those who are prepared.
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