The U.S. economy appeared stubbornly resilient in the final quarter of 2022, despite the Fed’s efforts to suffocate growth. The final reading of third quarter GDP was revised upward from +2.9% to +3.2% on stronger consumer spending, while the Atlanta Fed’s (admittedly too-early-to-be-relevant) fourth quarter GDPNow measure was tracking at +3.7% as of December 23rd. Roughly two-thirds of economists in the December Bloomberg survey are forecasting a recession in 2023, but as 2022 closed out, growth was far from weak.

Read the full article

Read more Economic Commentary