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GDP was up while unemployment hovered close to 3%. Nevertheless, Wall Street had its worst year since 2008 and inflation pumped up prices. At the start of the new year, the Fed walks a tightrope as they attempt to cool the economy without smothering it. 

A panel of economic experts led by moderator Tony Mecia, editor of , discussed the upcoming year during an hour-long Zoom webinar. They all agreed that a slowdown is on the way.

But is the economy in for a soft landing, or will it crash? That was the real question.

, chief investment officer for U.S. Bank Asset Management, said the combination of rising interest rates and the cycle of consumer spending is already causing the red-hot economy to cool. 

“We do think we’ll have a slowdown that will ultimately be termed a recession,” Freedman said, “But we’re less concerned about how deep it gets than how long it will stay with us.

“If we use the analogy of a treadmill, the treadmill is probably at a five or six right now. And we think we’ll get down to a three or four and stay that way a little longer."

One major indicator all of the panelists are watching is housing. 

, senior personal finance reporter for Insider, expects the uncertainty of the upcoming year will cause consumers to put off big purchases–like new houses. 

“When the housing market starts to suffer, it indicates that every other sector is going to start suffering at some point,” she said. “It’s a harbinger for what’s coming down the road.”

Phillips also pointed out that inflation already seems to be heading the right way. 

“We peaked at 9% in June and we’re down to 7% right now. That’s not insignificant,” he said. “It’s still crazy compared to where we’ve been over the past 30 years but if it continues to come down, that may be a reason for optimism in the stock market.”

Inflation may be trending in the right direction, but all panelists agreed that the Fed is far from finished with interest rate hikes. That’s big macroeconomic news, of course, but both Phillips and Streaks pointed out that consumers should do one thing above all: save money.

“Basically, the Fed is giving a signal to people that now is the time to save,” Phillips said, pointing to rising interest rates in savings accounts and certificates of deposit.

Streaks urged consumers to prune their spending and set up automatic drafts to make sure they save regardless of the economic climate. 

“The most important thing you can do,” she said, “is make saving a habit.”

The Charlotte Ledger,