The blowout quarter is good news for President Joe Biden, who’s had trouble convincing Americans still hurting from persistent inflation that his economic policies are working. But it poses a bit o…
Federal Reserve Chair Jerome Powell arrives for testimony before the Senate Banking Committee March 7, 2023, in Washington, D.C. The US economy likely expanded in the third quarter at the fastest clip in nearly two years, a surprising acceleration primarily powered by a consumer reaping the benefits of resilient job growth, rising wealth and easing inflation.
The blowout quarter is good news for President Joe Biden, who’s had trouble convincing Americans still hurting from persistent inflation that his economic policies are working. But it poses a bit of a quandary for Fed Chair Jerome Powell & Co. The Fed chief signaled that policymakers are likely to hold rates steady at their meeting next week, while leaving the door open to another increase in the future.
“You could have knocked me over with a feather, but it’s where we are,” said Diane Swonk, the chief economist at KPMG LLP, who’s forecasting 5.5% third-quarter growth.
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