Economy in a healthy spot for further growth: CEI analysis

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Today’s GDP numbers for the fourth quarter of 2023 showed economic growth stood at 3.2 percent, a slight downward trend compared to the third quarter’s 3.3 percent. CEI senior economist Ryan Young says these numbers still show strong economic health:

“Today’s revised GDP release for the fourth quarter of 2023 was downward, from 3.3 percent to 3.2. It still shows a strong economy, since average growth is about 2 percent. This should give the Federal Reserve the courage to avoid lowering interest rates at its next meeting on March 20.

“Inflation is still above 3 percent, compared to a 2 percent target. Keeping interest rates high will help bring that back down over time. With growth still healthy and the economy essentially at full employment, higher interest rates are unlikely to spark the recession that many economists have feared.”