US Economy Shows Resilience Despite High Inflation and Interest Rates

• U.S. GDP growth revised upwards to 3.4% annual rate in Q4 2023, boosted by consumer spending • Fed keeping interest rates higher for now to cool inflation, putting strain on consumer wallets • Credit card and personal loan debt continued climbing in Q4 2022 as rates remained high
• Consumer sentiment hit record high in March 2023 on hopes of cooling inflation and improved finances • Consumers still not very optimistic compared to pre-pandemic as high inflation takes toll over time