U.S. Economy Shows Resilience Despite Cooling Growth
• Economic growth expanded at 4.9% annual rate in Q3, revised down from 5.2% but still indicating strong momentum
• Growth marks 5 straight quarters of expansion, boding well for Fed's hopes of a soft landing
• Fed poised to pivot to rate cuts as early as Q1 2023 due to declining inflation
• Labor market remained solid in November with nearly 200,000 jobs added
• Consumer confidence surged in December by the largest amount since early 2021