U.S. Federal Reserve Board Chairman Jerome Powell speaks during a news conference following a meeting of the Federal Open Market Committee (FOMC) at the headquarters of the Federal Reserve, July 27, 2022 in Washington, DC.

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What I am looking at July 28, 2022Federal Reserve: One interest rate hike and wait? The Fed on Wednesday increased rates by another 75 basis points after its July meeting. The next meeting is in September. Thursday morning, first look at second quarter GDP: down 0.9 versus 0.3% advance. So is it the beginning of recession: two straight quarters of negative growth? Recession is when National Bureau of Economic Research declares.