Is the US in a Recession Yet? What You Need To Know and How To Prepare

The dreaded R word is looming over Americans as the economy contracts and the Federal Reserve raises rates.

Gross domestic product declined unexpectedly for the second straight quarter, increasing the odds of a recession this year. The data came one day after the Fed announced a jumbo interest rate hike for the second month in a row.

For many, just the thought of a recession conjures bad memories of the 2008 crisis and fuels fears about job losses. Now, raging inflation, aggressive action from the Fed and a volatile stock market are combining to create the next round of trouble.