Like it or not, the Federal Reserve is back in our lives. It started with the massive stimulus around COVID and ZIRP for the last few years. Now we have abruptly higher rates and what is likely to be a slowing economy.
There are more pundits and commentators on the economy than anyone can pay attention to. Many have no idea what they are talking about and lack a strong foundation for their views.
The best thing to do is monitor reliable data. Things like loan volumes, delinquency rates, and used car prices, there are so many. Even something as simple as energy prices can help read what is happening in the global economy. Sources we pay for even track air quality in different cities in China to provide insights into the real economic activity because their “official data” is a bit suspect.
The US Federal Reserve and many regional reserve banks provide a wealth of free information you can access.
One is the Beige Book, which tells you what each district sees regarding economic activity, including labor markets, manufacturing, prices, tourism, real estate, and consumer activity.
The latest Beige Book just came out. It’s not riveting, but I suggest giving it a regular read as a primary input to your own process of understanding what’s going on.