High interest rates are changing everything you know about the economy and governing

In Washington, deficits suddenly matter again

Federal Reserve Chair Jerome Powell.
Federal Reserve Chair Jerome Powell speaks to the press after the central bank forwent a rate hike in September
(Image credit: Chip Somodevilla / Getty Images)

High interest rates may soon get higher. CNN reported that JPMorgan Chase CEO Jamie Dimon sent a “stark warning” to Wall Street on Monday that it is possible the Federal Reserve will raise the benchmark rate all the way to 7% — even though most analysts think it will top out under 6%. If his “contrarian” prediction is correct, “you’re going to see a lot of people struggling," Dimon said.

But the new era of high interest rates is already rippling through the economy and government.

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Joel Mathis, The Week US

Joel Mathis is a writer with 30 years of newspaper and online journalism experience. His work also regularly appears in National Geographic and The Kansas City Star. His awards include best online commentary at the Online News Association and (twice) at the City and Regional Magazine Association.