The alarm bells warning of a recession ring louder with each rate hike by the Federal Reserve. So far this year, there’s been plenty – five since March and still counting. Following the last three jumbo-sized 0.75 percentage point increases, the Fed’s benchmark short-term rate now stands in a range of 3 – 3.25 percent, which is well above the 2.5 percent peak reached during the last tightening cycle, spanning the pre-pandemic 10-year expansion. Read the latest Investment Chronicle