Federal Reserve Chairman Jerome Powell and other Fed officials have started signaling interest rate cuts are coming, but it’s almost certainly too late to rescue a debt-ridden bubble economy addicted to easy money.
We’re already seeing the impacts of tighter monetary policy rippling through the economy with corporate bankruptcies through the first half of 2024 at the highest level in over a decade. That includes during the pandemic era in 2020 and 2021. S&P Global called the surge of bankruptcies in June “historic” noting that it was the highest number recorded in a single month since at least the beginning of 2020. According to S&P Global data, 75 corporations filed for bankruptcy in June alone.
You will find a complete list of filings through H1 2024 at the end of this article. The blood is on the Fed’s hands If you are looking for a scapegoat to blame for the surge in corporate bankruptcies, look no further than the Federal Reserve. It raised rates and the U.S. economy cannot function long-term in a high interest rate environment. Easy money is gone, and companies are struggling to survive without that mother’s milk.
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