Economy Staying Resilient, Raising Odds of Prolonged High Rates Into 2024

2024 was expected to be the year the economy would soften and the Fed would cut rates, but that looks increasingly unlikely now
The economy is not slowing as expected and some measures of inflation are still elevated
Some economists think the Fed won't cut rates at all in 2024 and rates will stay high for longer
Strong economic growth could actually accelerate inflation further
Investors still widely expect rate cuts by mid-2024, so Fed Chair Powell's upcoming Congressional testimony will be closely watched for signals