US Economy Grew Faster than Expected in Q3, But Slower Growth Ahead as Fed Rate Hikes Cool Demand
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US GDP grew 4.9% in Q3, faster than expected, driven by consumer spending and inventory accumulation.
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Growth accelerated from 2.1% in Q2 but the underlying trend is less dramatic on a year-over-year basis.
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Economist expects growth to slow in Q4 and into 2024 as effects of rate hikes play out.
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Inflation moderating puts Fed closer to completing its inflation fight.
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Fed likely to start cutting rates aggressively in 2024 if inflation beaten and growth slows.
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