This time last year, most economists expected the US Federal Reserve would be spending 2023 facing down a recession while fighting against the biggest wave of inflation for a generation.
Instead, the US has achieved the strongest growth of any large economy, unemployment is close to record lows, and price pressures are showing signs of creeping back to the central bank’s target of 2 per cent.
That better than expected run of data has led Fed chair Jay Powell to end the year by betting the credibility of the board he chairs on next year being almost as good as this one.
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