The U.S. economy continued to grow in the second quarter of 2023 even during a series of interest rate hikes intended to cool inflation.
The data indicated a rise in consumer spending, nonresidential fixed investment, state and local government spending and other services. It marked the fourth consecutive quarter of growth in the U.S. Generally, periods of high interest rates tend to cool economic growth. On Wednesday, the Federal Reserve increased federal interest rates to the highest levels in more than 22 years.
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