“It’s possible that inflation would have gotten back to target quicker if the Fed had hiked sooner. If that happened, the central bank may not have needed to keep rates at the current high levels for so long.”

Aditya Bhave, senior U.S. economist at Bank of America, commented on inflation and current mortgage rates, which are projected to rise to nearly 9 percent, making owning a home even more difficult, according to a New York Fed survey. Read the CNN article, “For U.S. Renters, the Chance of Owning a Home Is Going From Bad to Worse.”