Part 5/11:
Post-2022, the Federal Reserve has adopted a restrictive monetary stance, raising interest rates sharply in response to inflationary pressures. This policy reversed in 2024 and 2025 as inflation cooled, leading to a steepening of the yield curve. However, despite the rising unemployment figures, the economy hasn't yet slipped into recession, largely because the recent rise in unemployment is driven by a cooling labor market—not layoffs.