I’m a happy camper because everything is copacetic. Employment is doing fine, inflation is moderating, productivity is rising and the stock market is hitting record highs. Compared to the economy of every other advanced country, the U.S. looks great, and powers ahead despite the age of its recovery. First, the Atlanta Fed’s NowCasting model is presently tracking an annual growth rate of 3.2% for the first quarter of 2024. Second, BLS reported that the January Personal Consumption Expenditures Price Index, the Fed’s preferred inflation measure, matched street expectations, falling to 2.4% y/y from 2.6%, with a 3-month annualized rate of 1.61%.
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A Macro Market View by Hubert Marleau
