Finance
Federal Reserve Board Chairman Jerome Powell departs after speaking during a news conference following the Federal Open Market Committee meeting, at the Federal Reserve in Washington, DC, on June 14, 2023.
Mandel Ngan | AFP | Getty Images
The Federal Reserve plans to keep hiking interest rates to stem inflation, which means an increase in corporate default rates is likely in coming months.
The corporate default rate rose in May, a sign that US companies are grappling with higher interest rates that make it more expensive to refinance debt as well as an uncertain economic outlook.
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