As of July 27th, and according to the National Association of Home Builders (NAHB), the Federal Reserve hiked up the rate for federal funds by 0.75% to try and combat inflation. This is after the month of June, which saw similar aggressive action to fight inflation, and raises the Fed rate to 2.5% which will slow the economy through making money more expensive to borrow for consumers as well as businesses.

 

The NAHB points out that housing already seems to be facing a recession, with home builder sentiments declining for seven months straight and a decline in the pace of home sales to match. Fed Chairman, Jerome Powell stated that data will be the biggest way to avoid a recession as it will allow the Federal Reserve to act preliminarily and take measures to avoid that outcome.

https://www.nahb.org/blog/2022/07/fed-rate-hike