The Federal Reserve signaled Wednesday that it plans to begin raising its benchmark interest rate as soon as March, a key step in reversing its pandemic-era low-rate policies that have fueled hiring and growth but also escalated inflation.The U.S. economy grew last year at the fastest pace since Ronald Reagan's presidency, bouncing back with resilience from 2020's brief but devastating coronavirus recession.
Squeezed by inflation and still gripped by COVID-19 caseloads, the economy is expected to slow this year. Many economists have been downgrading their forecasts for the current January-March quarter, reflecting the impact of the omicron variant. And for all of 2022, the International Monetary Fund has forecast that the the nation’s GDP growth will slow to 4%.
Growth last year was driven up by a 7.9% surge in consumer spending and a 9.5% increase in private investment. "The upside surprise came largely from a surge in inventories, and the details aren’t as strong as the headline would suggest,'' Kathy Bostjancic, Oxford Economics' chief U.S. financial economist, said in a research note.
But super-low interest rates, huge infusions of government aid — including $1,400 checks to most households — and, eventually, the widespread rollout of vaccines revived the economy. Many consumers regained the confidence and financial wherewithal to go out and spend again.
BS…. Cost of living is out of control- food missing from shelves - unemployment too high- still a mess
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