U.S. Growth Slowing but Recession Not Imminent; Fed to Maintain Higher Rates

• U.S. economy not near recession, but growth slowing from 2023 levels • State Street Global Advisors forecasts 2.9% GDP growth in Q1 2024 vs 4.9% in Q3 2023 • Fed likely to keep rates higher for longer to ensure inflation heads to 2% • Tighter monetary policy expected to cool economy further in coming months • Stocks show lack of clear direction, with indexes opening slightly lower Tuesday