The writer is chair of Rockefeller International
The American economy is estimated to have grown at a rate of 3 per cent or more this quarter, a pace as blistering as it was unforeseen. Economists had not predicted a recession before last year, but then most began to think a US downturn was inevitable, as a result of interest rate hikes. Instead, we got a mini growth miracle. So what happened?
Popular explanations include historically big spending by Joe Biden’s administration and America’s unsinkable consumers, encouraged by an oil price bonanza and the AI wave. Put these factors together and they go a long way to explaining the unusually light impact of Federal Reserve tightening so far.
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