A recent survey by WalletHub found that six out of 10 respondents are dissatisfied with the Federal Reserve’s performance as inflation takes a toll on their finances, with eight out of 10 believing the country is heading toward a recession.
In the online survey of approximately 250 Americans conducted by the personal finance site in early July, 90% of respondents said they are concerned about inflation. Sixty-one percent most blame U.S. politicians for inflation, with 26% instead putting the most blame on Russian President Vladimir Putin and 13% on the Fed. At the same time, 51% do not believe the Fed raising interest rates will help with inflation. However, 56% said Fed rate hikes make them worry about layoffs and job security.
The Fed has increased rates by 1.5% this year. Sixty-three percent of respondents said those increases have affected their wallets. Most respondents—35%—said they were “upset” about rising interest rates. Twenty-five percent were “unprepared” for the rate hikes but an equal percentage were “indifferent” about the Fed’s actions. Fifteen percent were “happy” the Fed raised rates.
“Dissatisfaction with the Fed should not be surprising considering that multiple groups are unhappy for different reasons,” said Delaney Simchuk, WalletHub analyst. “People who are watching the cost of their debt increase aren’t pleased for obvious reasons, and those worried about inflation are not seeing anything change, either.”