(WWLP) – The next big risk economists are saying the U.S. economy could face in the following months is called stagflation.

To have stagflation, you need both high unemployment and high inflation at the same time.

Unemployment is at historic lows right now, but economists worry the Federal Reserve’s solution to soaring inflation will cause unemployment to rise. That could result in a mild recession, so now is a great time to revisit your personal financial plan to see if there are places where you can cut back.

You are also encouraged to take a look at any adjustable-rate debt you may have like credit cards, mortgages, or student loans. Now that interest rates are going up, those balances will become more expensive.