Posted 12/21/2023, 6:50:11 PM
Economic Growth Revised Down but Still Robust as Inflation Shows Signs of Cooling
- Third quarter GDP growth revised down to 4.9% from 5.2% initially, but still more than double previous quarter
- Growth occurred despite Fed aggressively raising rates to combat inflation
- Fed Chair hints rate hikes may soon stop as inflation shows signs of cooling
- Economists say growth has likely peaked in Q3; path forward depends on resilient consumers
- Inflation has created $2,440 budget deficit for middle-income families, will take years to rebuild savings