According to Odaily, since the Federal Reserve raised interest rates to their highest level in over two decades, the move has successfully cooled the overheated U.S. economy. However, the increased borrowing costs have also led to some unexpected consequences. High-income households are benefiting from rising stock markets and property values. Companies are borrowing rapidly, and consumers continue to spend. But in other areas, a year of high interest rates is finally taking its toll. 

Americans are taking longer to find jobs, and the unemployment rate has risen. Small businesses are feeling the pain of higher loan costs. Low-income families are falling behind on car loans and credit cards. Citigroup economist Veronica Clark stated, 'The economy has softened in recent months, and Federal Reserve officials will be very concerned about whether the economy is starting to weaken more quickly. This will lead officials to cut interest rates sooner.'