Economy Shows Signs of Moderation After Turbulent 2023
• Interest rates hit recent highs in early 2023 as the Fed continued campaign to curb inflation, but have since moderated along with cooling price growth.
• After stocks tumbled earlier in 2023, markets rallied late in the year on hopes Fed is nearing end of rate hikes; S&P 500 ended year up 24%.
• Job growth and low unemployment remain bright spots, though cost of housing is still a pain point for many Americans.
• Holiday shopping season was mixed for small businesses like hobby shops and general stores, though some saw best sales in years.
• Economists predict more "normal" economic conditions in 2024, but structural issues around jobs and 2024 election add uncertainty.