Consumers helped drive another quarter of strong economic growth to close the year.

The Bureau of Economic Analysis reported last week that real gross domestic product grew by 3.3% annualized during the fourth quarter, easily beating expectations. The news was the final proof confirming that the U.S. avoided a widely expected recession in 2023, leaving many economists more optimistic about the prospects for 2024.

For the Federal Reserve, which remains committed to bringing inflation back to its 2% target rate, the report might suggest that rate cuts in the first half of this year may not be warranted.



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