Unexpected by who? Everyone I know expected it from the Biden Trainwreckonomy.
Any first-year economics student could see this was going to happen as a result of sharply higher interest rates.
The cost to finance the Federal Deficit has risen dramatically, the debt limit deal Kevin McCarthy and the Republicans gave to Biden is only going to make this worse.
Stagflation is here and is going to get worse, inflation will continue to pick up the Federal Reserve continue to raise rates, the economy will suffer, and the Federal Deficit will continue to accelerate.
Saudi Arabia and Russia are going to stick it to us by cutting production, raise the price of oil, which will make gas prices go up, which is already happening, since we won’t drill for our own oil, the Saudis and Russians are not going to do much to help Biden after how he’s treated them.
Eventually, we will need a Paul Voelker at the Fed who once raised interest rates 500 basis points in one day.