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Washington Post: “The economy is ending the year in a remarkably better position than almost anyone on Wall Street or in mainstream economics had predicted, having bested just about all expectations time and again. Inflation has dropped to 3.1 percent, from a peak of 9.1. The unemployment rate is at a hot 3.7 percent, and the economy grew at a healthy clip in the most recent quarter. The Fed is probably finished hiking interest rates and is eyeing cuts next year. Financial markets are at or near all-time highs, and the S&P 500 could hit a new record this week, too.”
“That strength and stability — defying even many of the most optimistic predictions — represents a remarkable development after seemingly endless economic crises that started with the 2020 coronavirus pandemic and continued through an inflation spike that the bank and the White House were slow to recognize.”
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