Senior Housing News March 22, 2023
The Federal Reserve’s move to raise interest rates once again, despite two domestic bank collapses and international financial turmoil, could further dampen lending activity in the senior living industry.
In a news conference on Wednesday afternoon, Federal Reserve Chairman Jerome Powell announced an anticipated 0.25% increase in interest rates, with Powell noting recent developments in the financial sector would likely result in tighter credit conditions for households and businesses, while also weighing on economic activity, hiring and inflation.
“Inflation remains too high and the labor market continues to be very tight,” Powell said during the press conference. “… If we need to raise rates higher, we will. I think for now … we will see the likelihood of credit tightening.”
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