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Although there may be a light at the end of the tunnel late next year, economists expect the economic downturn to linger well into 2023.

"It is our expectation that we will continue to see inflation gradually slow over the course of 2022 and into 2023," says Eric Lundh, principal U.S. economist for The Conference Board. "That being said, we do not expect the Fed to realize its 2% target even toward the end of next year. What this means in terms of monetary policy is that we will continue to the Fed's fund rate increase close to 4% in early 2023 and hold there."

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