WACO, Texas — Over the last year, the central bank has raised interest rates eight times in an effort to manage demand. Federal Reserve Chair Jerome Powell reporting another hike is likely to happen.
Demand cooled off late last year, but both consumer spending and hiring increased in January putting more pressure on prices. Powell warned the inflation fight will be "long and bumpy."
"They are probably going to increase that a little bit more than what has been expected previously, we have been already anticipating a couple of additional increases, he is suggesting if inflation does not come down more quickly, he is going to have to do more than that," says Economist Ray Perryman.
The federal reserve is closely monitoring economic data, including Friday's job report. With over a million job offers in Texas right now, filling those positions has become a challenge.
"It is not easy finding talent these days as it has been in the past before the pandemic, we were actually pretty fully employed and we are at the same level, but it is a little harder, but we have to dig a little deeper," says Heart of Texas Workforce Development Board Manager of Business and Industry Initiative, Jose Palacios.
Until inflation is at or below the federal reserve's 2% goal. Perryman shares that the Waco economy is very resilient and predicts although we will see some slowdown, Waco will "weather any adjustments the national economy makes very well."
In the meantime, experts advise people to take advantage of the opportunities that are available to them.
Palacios adds the Heart of Texas Workforce Development "are looking to connect individuals to the companies that we work with."
For more information on jobs, you can visit their website here.