As rate hikes persist, poll finds most people believe Fed is doing poor job

Most people don’t believe the Federal Reserve is doing a good job, with many saying they were either upset or unprepared for the Fed’s interest rate hikes, according to a survey of more than 250 U.S. residents by personal finance website WalletHub. The company found that 65% of respondents didn’t approve of the work the Fed was doing as inflation skyrockets. Thirty-three percent said they were upset with recent interest rate hikes, 29% said they were unprepared, 23% said they were indifferent and 15% said they were happy. Seventy-one percent said the Fed rate hikes so far this year have affected their wallets.

A vast majority of respondents (92%) said they were worried about inflation and believed that the U.S. was heading toward a recession (85%). Most respondents (55%) said they would rather have high unemployment rather than high inflation. Fifty-two percent said they were not financially prepared for a recession, with most people (67%) supporting a government cap on grocery prices.