The US economy in all likelihood will enter into a recession or experience a slow down in the economy in 2023. By raising interest rates, the Fed is trying to slow down inflation (rising prices in goods and services) and that slows down the economy as the money supply is tightened. When the Fed raises interest rates the rate that is quoted is the Overnight Rate (the rate that banks have to pay to one another to borrow or lend to meet their requirements).  That rate is then translated to the broader market and notched up from there for bank loans, mortgage rates, car loans and all borrowing.  Now is good time to plan conservatively and realize that stocks are going to be choppy and down.  Wages are going to have to keep rising to attract labor talent, competition demands it.