With recent dire warnings of a recession from major banking institutions like Deutsche Bank and Bank of America, Las Vegas could feel the impact of a downturn on a larger scale than other metropolitan areas with more diversified economies.

Soaring prices for gas, food, housing and construction supplies continue to hammer Nevadans.

The high inflation rate and the disproportionate increase in property prices could trigger a new mortgage bubble in the United States, according to some sectors. Adriana Arevalo has the report.

Inflation was top of mind for economists and housing experts on Wednesday, as they shared their predictions for the future of the national and Southern Nevada economy at an event hosted by the UNLV Center for Business and Economic Research (CBER).

Las Vegas visitor volume has steadily increased since the pandemic lows of early 2020, but economic researchers from UNLV predict tourist activity will dip next year.

Mary Daly, president and CEO of the Federal Reserve Bank of San Francisco, described the national economy as a mix of positives and negatives, pointing to a robust job market and strong household and business balance sheets that are coexisting with rising costs of food, housing and gas.

Economists at UNLV predict Nevada’s economy will remain in recovery mode for the remainder of the year, “but the picture is less clear for 2023,” says the biannual Outlook report released Wednesday by the school’s Center for Business and Economic Research.

It’s no secret what’s on the minds of millions of Americans right now: inflation.

It’s no secret what’s on the minds of millions of Americans right now: inflation.

San Francisco Federal Reserve President Mary Daly acknowledged Wednesday that a near-certain series of interest rate hikes over the coming months could tip the economy into a shallow recession, though she noted that isn’t her expectation.

 San Francisco Federal Reserve President Mary Daly on Wednesday said she believes the case for a half-percentage-point interest rate hike next month is "complete" and "solid," with the U.S. central bank's rate hike path this year broadly seen as appropriate in the face of high inflation.

U.S. central bankers should move “purposefully” and raise interest rates to neutral -- the level which neither speeds up nor slows down the economy -- by the end of the year, Federal Reserve Bank of San Francisco President Mary Daly said.