It told us what happened in October and November and December," North said. "It was a great report, but you didn't see the market move much because GDP is backward-looking. Futures markets continued to reflect the likelihood that the Fed will enact its first rate cut in May, though the CME Group's FedWatch gauge put the odds of a March cut at 47.4% around 10 a.m. Stock futures gained slightly while Treasury yields moved lower. Markets showed only a modest reaction to the report. Again, he's defying the economists' predictions with strong growth and inflation clearly coming under control." Fed Chair Jerome Powell "has got to have a smirk on his face this morning. "This year has been like Rock 'Em Sock 'Em Robots, and the economy is knocking the blocks off the economists, always outperforming," said Dan North, senior economist with Allianz Trade Americas. The chain-weighted price index, which accounts for prices as well as changes in consumer behavior, increased 1.5% for the quarter, down sharply from 3.3% in the previous period and below the Wall Street estimate for a 2.5% acceleration. Gross private domestic investment rose 2.1%, another significant factor for the robust quarter. State and local government spending also contributed, up 3.7%, as did a 2.5% increase in federal government expenditures. Personal consumption expenditures increased 2.8% for the quarter, down just slightly from the previous period. economy for all of 2023 accelerated at a 2.5% annualized pace, well ahead of the Wall Street outlook at the beginning of the year for few if any gains and better than the 1.9% increase in 2022.Īs had been the case through the year, a strong pace of consumer spending helped drive the expansion. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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