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After a robust third quarter, US economic growth will likely slow. That bodes well for rate cuts next year.

today 10/22/2023
Customers are shopping at a Target store in Chicago, Illinois. The US economy is expected to show rapid growth in the third quarter despite challenges such as higher interest rates, depleted pandemic savings, and high inflation. The economy is projected to continue growing, albeit at a slower pace, and some investors believe there may be an end-of-year stock rally. The Federal Reserve may cut rates in 2024 if demand continues to outpace supply and inflation remains a concern. Fed Chair Jerome Powell has stated that the central bank needs to see below-trend growth to ensure inflation reaches its target of 2%. However, some economists expect rate cuts to begin by the middle of next year. The Fed's strategy to combat inflation is to slow demand through rate increases. Despite economic obstacles such as soaring Treasury yields, tougher lending standards, and the resumption of student loan repayments, the US economy has shown resilience in the third quarter. Consumer spending, retail sales, industrial production, and job growth have remained strong. However, the economy faces challenges such as foreign wars, federal debt, a frozen housing market, and low oil inventory, which could lead to increased oil prices due to geopolitical tensions in the Middle East. Nonetheless, some economists maintain a positive outlook on the economy's resilience. In corporate America, many companies have taken a stand in support of Israel following Hamas attacks, with around 80 household-name companies condemning the attacks.
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