A financial expert with Bank of America is warning that while there is a high risk of a recession occurring in 2023, it is not a “deep” or “prolonged” one.
Chief U.S. Economist made the warning as there are signs the Federal Reserve’s decision to raise interest rates seven times in 2022 is having some effect on record inflation levels.
Gapen added that it could take two or three years before prices get back down to pre-pandemic levels.
Americans will be able to feel the increases during their morning coffee run.
In mid-February, Starbucks fanatics will have to pay more to earn free drinks and food.
The popular coffee chain is making changes to its rewards program, which gives loyal customers “stars” towards free items with every purchase. Starting on February 13, it could take an extra 50 additional stars to get a free latte or muffin.