S&P Forecasts Higher 2024 US Growth, 3-5 Fed Rate Cuts If Inflation Falls Despite Tough Labor Market

• S&P Global raised 2024 US GDP forecast due to strong 2023 finish, falling inflation

• Chief Economist sees 3 rate cuts from Fed this year, maybe 5 in 2025

• Cuts contingent on inflation hitting 2%; if not, more cuts possible

• Labor market resilience has made taming inflation difficult

• Watching services inflation and labor market for cracks in consumer resiliency