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Fed’s rate hikes likely to cause a recession, research says

A potential buyer looks over a 2023 Cooper S sedan on the floor of a Mini dealership Friday, Feb. 17, 2023, in Highlands Ranch, Colo. Over the past year, the Fed has raised its key short-term rate eight times, causing many kinds of consumer and business loans, including auto loans, to become more expensive. (AP Photo/David Zalubowski)

A sign announces a home for sale on Munjoy Hill, Wednesday, Jan. 25, 2023, in Portland, Maine. Over the past year, the Fed has raised its key short-term rate eight times, causing many kinds of consumer and business loans, including mortgages, to become more expensive.(AP Photo/Robert F. Bukaty)

FILE - Traders on the floor at the New York Stock Exchange watch Federal Reserve Chair Jerome Powell's news conference after the Federal Reserve interest rate announcement in New York, Wednesday, Feb. 1, 2023. Over the past year, the Fed has raised its key short-term rate eight times, causing many kinds of consumer and business loans to become more expensive.(AP Photo/Seth Wenig, File)

Fed’s rate hikes likely to cause a recession, research says