Andrew Caballero-Reynolds/AFP via Getty Images |
- The US economy grew faster than expected in the final months of 2022 despite inflation and rising interest rates, according to Commerce Department figures released Thursday. [Reuters / Lucia Mutikani]
- US gross domestic product — a broad measure of economic activity — increased at a 2.9 percent annualized rate from October through December, fueled by strong consumer spending and growing factory inventories. [Associated Press / Paul Wiseman]
- The Federal Reserve has aggressively hiked interest rates to tamp down near-record inflation, leading to concerns over an economic slowdown, but GDP remained sturdy, at 2.1 percent overall for all of 2022. [Axios / Courtenay Brown]
- However, the hikes have slowed the housing market, which faces a tough year due to rising construction costs. [NPR / Scott Horsley]
- To calm markets and encourage further growth, economists say Congress should negotiate the debt ceiling, and the Federal Reserve should carefully navigate further interest rate hikes. [New York Times / Ben Casselman]
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