U.S Economy Surprisingly Resilient, Fed Forced to Keep Interest Rates Higher Into 2024

The US economy is showing substantial resilience according to Dr. Ray Perryman of the Perryman Group. He anticipates the economy to slow down in 2023 with a likely soft landing. Consensus also predicts the nation’s GDP growth rate to remain somewhat steady at around 0.36% well into fourth quarter of 2023. However, due to higher rates set by the Fed, Wells Fargo projects a deeper downturn and forecasts a 1.5% decline in real GDP, reflecting contractions in spending on durable goods and residential ...