As we look ahead to 2024, many people are wondering what to expect from the US economy. From housing inflation to possible changes in interest rates, there are several factors that could shape the economic climate in 2024.
One of the implications of the 2020 pandemic was a large influx of government spending, which could contribute to inflation in the housing industry. This could lead to an increase in mortgage interest rates in 2024. As a result, potential homeowners may want to take the opportunity to purchase a house now in order to avoid the possible increases just a few years away.
Interest rates can also affect the stock market, meaning it’s important to pay attention to any changes or trends in this area. Stock market volatility is also expected to continue into 2024. It’s important to diversify investments to reduce the risks associated with stock market fluctuations.
The National Debt may also be a factor in 2024. According to the US Treasury, the US national debt was just short of $27 trillion in December 2020. Many economists expect this number to grow in the years ahead. The resulting effects of this could reach many areas of the economy, including potential changes in taxation methods. It’s also possible that the government could make cuts to certain areas of the budget.
While no one can predict exactly what to expect in the 2024 economy, one thing is certain – the effects of the 2020 pandemic will still be felt in some way. Those looking to purchase a house, invest in the stock market, or even plan for retirement should carefully monitor government spending and interest rates in the coming years. As with any major economic changes, taking proactive steps can help to prepare for any potential outcomes.