U.S. economy grew at faster 2.4% rate last quarter despite Fed rate hikes

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The U.S. economy accelerated unexpectedly to a 2.4% annual growth rate from April through June, showing continued resilience in the face of steadily higher interest rates resulting from the Federal Reserve's 16-month-long fight against inflation.

to a 2.4% annual growth rate from April through June, showing continued resilience in the face of steadily higher interest rates resulting from the Federal Reserve's 16-month-long fight against inflation. to a 2.

"The economy is growing and we’re lowering costs for families," President Joe Biden cheered in a statement. "That’s Bidenomics at work." "Our unemployment rate remains near record lows, inflation has fallen by two thirds, real wages are higher than they were before the pandemic, and we’ve seen more than half a trillion dollars in private sector investment commitments in clean energy and manufacturing," Biden said. "My economic plan is working—and we’re just getting started."

Still, they have yet to tip the United States into a widely forecast recession. Optimism has been growing that a recession isn't coming after all, that the Fed can engineer a so-called "soft-landing" — slowing the economy enough to bring inflation down to its 2% annual target without wrecking an expansion of surprising durability.

In his remarks, Powell noted that the economy has proved resilient despite the Fed's rapid rate hikes. And he said he still thinks a soft landing remains possible. And the Conference Board, a business research group, reported Tuesday that Americans this month are in their sunniest mood in two years, based on the board's reading of consumer confidence.

 

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