A recession, that is, a regression in economic activity, usually follows a policy of raising interest rates implemented by the central bank to discourage consumption and investment (the YCharts that consumption was nearly 70% of US GDP as of June 2023).

Source: https://seekingalpha.com/article/4634833-why-us-gold-mining-stock-could-rebound-if-gold-turns-bullish?source=feed_all_articles

Look at the last YCharts in the article.

Source: https://seekingalpha.com/article/4657478-consider-selling-pcef-and-buying-cefs-instead?source=feed_all_articles