Taylor Swift Concert Tour Boosts Economy as Fed Signals Possible Rate Cuts Ahead
• Fed Chair Jerome Powell signaled the Fed is likely done raising interest rates for now and expects to cut rates in 2023, boosting markets • Powell said a soft economic landing is in sight with inflation falling without a spike in unemployment, but warned it's too early to declare victory • Soft landings are rare - since 1961, recessions have followed 8 out of 9 Fed tightening cycles to curb inflation • Luck and skill contributed to progress toward a soft landing - the economy proved resilient and inflation wasn't entrenched • Music star Taylor Swift's concert tour is boosting the economy and she was jokingly called "single-handedly responsible for keeping the economy out of a recession"