Posted 10/25/2023, 9:00:00 AM
US Economy Grows at Fastest Pace in Nearly 2 Years, Challenging Fed's Inflation Fight
- US economy expanded at fastest pace in nearly 2 years in Q3, estimated 4.5% growth
- Strong growth powered by resilient consumer spending thanks to job growth, rising wealth, easing inflation
- Poses challenge for Fed which has been trying to cool demand and inflation with rate hikes
- Growth expected to slow in Q4 and 2023 but forecasters have underestimated economy's resilience
- If growth stays strong, could risk further rise in inflation and warrant more Fed tightening
