US Fed cuts key rate a quarter point and signals fewer cuts ahead
3 weeks, 6 days ago

US Fed cuts key rate a quarter point and signals fewer cuts ahead

Deccan Chronicle  

WASHINGTON: The US Federal Reserve cut interest rates by a quarter point Wednesday and signaled a slower pace of cuts ahead, as uncertainty grows over inflation and President-elect Donald Trump's economic plans. While inflation has "eased significantly," the level remains "somewhat elevated" compared to the Fed's long-term target of two percent, Chair Jerome Powell said Wednesday. Just two cuts In updated economic forecasts published alongside the rate decision, members of the Fed's rate-setting committee penciled in just two quarter-point rate cuts in 2025, down from an earlier prediction of four, and hiked their headline inflation outlook for next year, from 2.1 percent to 2.5 percent. "Rate cuts will come faster than the Fed expects, as unemployment tops the new forecast," Pantheon Macroeconomics chief US economist Samuel Tombs wrote in a note to clients published after the decision.

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History of this topic

Wall Street recoils after good news on the economy raises inflation worries
5 days, 13 hours ago

Wall Street recoils after good news on the economy raises inflation worries

LA Times  

The New York Stock Exchange is shown in New York’s Financial District on Dec. 31, 2024. U.S. stocks fell Friday on worries that good news about the job market may be too good and prove to be bad for Wall Street by keeping inflation and interest rates high. Stocks took their cue from the bond market, where yields leaped to …

Dow falls almost 700 points after blowout jobs report dashes hopes for more rate cuts
5 days, 13 hours ago

Dow falls almost 700 points after blowout jobs report dashes hopes for more rate cuts

CNN  

New York CNN — US stocks plunged Friday as investors digested a better-than-expected jobs report that soured expectations of future rate cuts from the Federal Reserve. “The strong jobs report sent yields higher amid expectations for the Fed to pause its rate cutting cycle for a significant period of time,” Ross Mayfield, an investment strategist at Baird, wrote in a …

Federal Reserve officials at December meeting expected slower pace of rate cuts ahead
6 days, 5 hours ago

Federal Reserve officials at December meeting expected slower pace of rate cuts ahead

The Hindu  

Federal Reserve officials at their meeting Dec. 17-18 expected to dial back the pace of interest rate cuts this year in the face of persistently elevated inflation and the threat of widespread tariffs and other potential policy changes. The minutes also showed that “almost all” Fed policymakers see a greater risk than before that inflation could stay higher than they …

US Fed minutes show officials were eager to slow interest-rate cuts
6 days, 9 hours ago

US Fed minutes show officials were eager to slow interest-rate cuts

Live Mint  

Federal Reserve officials in December adopted a new stance on rate-cutting amid elevated inflation risks, deciding to move more slowly in the months ahead. “Participants indicated that the committee was at or near the point at which it would be appropriate to slow the pace of policy easing,” minutes from the Federal Open Market Committee’s Dec. 17-18 gathering showed. “Many …

Federal Reserve officials at December meeting expected slower pace of rate cuts ahead
Trending News
6 days, 18 hours ago

Federal Reserve officials at December meeting expected slower pace of rate cuts ahead

Associated Press  

WASHINGTON — Federal Reserve officials at their meeting Dec. 17-18 expected to dial back the pace of interest rate cuts this year in the face of persistently elevated inflation and the threat of widespread tariffs and other potential policy changes. Fed Chair Jerome Powell said at a news conference after the meeting that the decision to reduce rates had been …

Wall Street slumps as good news for the economy is once again bad for stocks
1 week, 1 day ago

Wall Street slumps as good news for the economy is once again bad for stocks

LA Times  

Good news for the U.S. economy is back to being bad for Wall Street, and the stock market slumped Tuesday following better-than-expected reports on the job market and business activity. But such a solid economy could also keep up pressure on inflation, and it could make the Federal Reserve less likely to deliver the cuts to interest rates that Wall …

Treasuries Post Annual Gain as Fed Starts Interest-Rate Cuts
1 week, 6 days ago

Treasuries Post Annual Gain as Fed Starts Interest-Rate Cuts

Live Mint  

The US Treasury market ended 2024 with a small gain as inflation resumed edging lower after the first quarter and the Federal Reserve cut interest rates three times. The gain was smaller than the market’s 2023 advance, which followed two straight annual losses for an asset class whose interest payments normally offset price declines caused by rising yields. But the …

Mortgage rates inch closer to 7% to close out 2024
1 week, 6 days ago

Mortgage rates inch closer to 7% to close out 2024

CNN  

New York CNN — Mortgage rates are climbing again, in yet another unwelcome sign to homebuyers. That’s the highest level in nearly six months and is also up from the prior week when mortgage rates averaged 6.85% versus the latest week’s average of 6.91%. The latest uptick in mortgage rates comes despite the Federal Reserve’s quarter-point interest rate cut last …

Why the dollar’s epic rally could have a little further to run
2 weeks, 1 day ago

Why the dollar’s epic rally could have a little further to run

Live Mint  

The U.S. dollar is entering the new year on a high—and most signs point to more strength ahead. U.S. government finances are also shakier than in Trump’s first term, with the federal-budget deficit above 6% of gross domestic product, compared with 3.1% in 2016. View Full Image Graphic: WSJ View Full Image Graphic: WSJ The dollar’s decadelong rise has confounded …

Dollar stands tall in 2024, propped up by cautious Fed, Trump trade
2 weeks, 1 day ago

Dollar stands tall in 2024, propped up by cautious Fed, Trump trade

Live Mint  

By Ankur Banerjee SINGORE, - The dollar was firm on the last trading day of the year, poised to clock strong gains in 2024 against most currencies as investors prepared for fewer U.S. rate cuts and the incoming Trump administration's policies. Goldman Sachs strategists though expect three rate cuts from the Fed next year, confident that inflation will still trend …

The Fed is trying—again—to size up Trump
2 weeks, 5 days ago

The Fed is trying—again—to size up Trump

Live Mint  

Federal Reserve Chair Jerome Powell is walking an old tightrope into 2025: He is trying to avoid appearing confrontational with Donald Trump, even though some of his colleagues are signaling unease that the president-elect’s policies might rekindle inflationary pressures. Political antennae Powell said at a news conference last week that some officials accounted for potential policy changes in their new …

Dollar edges up on bets of US growth, inflation
2 weeks, 5 days ago

Dollar edges up on bets of US growth, inflation

Live Mint  

By Karen Brettell NEW YORK - The U.S. dollar edged higher on Thursday on expectations the currency would be boosted next year by policies by the incoming Donald Trump administration that are expected to boost growth and lift inflation. Looser business regulations and tax cuts are expected to help propel U.S. growth next year while analysts say that a clamp-down …

How the stock market Santa Rally was derailed - after Trump delivered an early boost
3 weeks, 1 day ago

How the stock market Santa Rally was derailed - after Trump delivered an early boost

Daily Mail  

Stock market investors have been denied a so-called Santa Rally in the closing stages of 2024, having weathered yet another year dominated by geopolitical turmoil and macroeconomic headwinds. The US Federal Reserve helped spark the worst week for stock markets since early September last week as the Fed struck a more hawkish interest rate tone, despite cutting for the third …

Who Votes on Fed Policy Next Year Is Changing. Here’s What to Know
3 weeks, 1 day ago

Who Votes on Fed Policy Next Year Is Changing. Here’s What to Know

Live Mint  

-- New voters are set to rotate onto the Federal Reserve’s interest-rate-setting committee just as renewed inflation concerns inject a fresh layer of complexity into the central bank’s decision making. Our scoring of individual committee members along a hawk-dove spectrum suggests increased dispersion among FOMC voters next year, with views dispersed toward the ends of the spectrum, with less clustering …

Dollar rebounds from inflation data drop, euro dips
3 weeks, 2 days ago

Dollar rebounds from inflation data drop, euro dips

Live Mint  

By Chuck Mikolajczak NEW YORK -The dollar rebounded while the euro dipped on Monday, as market moves were being dictated by recent global central bank meetings that set expectations for diverging rate cut paths next year. "The key for the dollar right now is the policy divergence, and Powell going from more worried about unemployment than inflation, and then the …

The Fed expects to cut rates more slowly in 2025. What that could mean for mortgages, debt and more
3 weeks, 3 days ago

The Fed expects to cut rates more slowly in 2025. What that could mean for mortgages, debt and more

LA Times  

Though the Fed doesn’t set mortgage rates, it does influence them. “Because the upcoming Trump administration’s policies might cause a resurgence in inflation or otherwise throw the economy off balance, the Fed might choose to take a wait-and-see approach and hold rates steady at their January meeting.” Depending on the specific proposals the Trump administration manages to enact, the Fed …

US Fed’s preferred inflation yardstick edges higher by 2.4% in November, stays within Wall Street estimates
3 weeks, 4 days ago

US Fed’s preferred inflation yardstick edges higher by 2.4% in November, stays within Wall Street estimates

Live Mint  

The US Federal Reserve's preferred inflation measure rose for a second straight month in November by 2.4 per cent, yet stayed within Wall Street estimates. The US Commerce Department's data showed on Friday that the personal consumption expenditures price index rose 2.4 per cent year-on-year in the 12 months to November, up from 2.3 per cent in October. At 2.4 …

Fed lowers rates but sees fewer cuts ahead
Top News
3 weeks, 5 days ago

Fed lowers rates but sees fewer cuts ahead

China Daily  

US Federal Reserve Chair Jerome Powell departs after speaking at a press conference where he announced the Fed had cut interest rates by a quarter point following a two-day meeting of the Federal Open Market Committee on interest rate policy in Washington, US, December 18, 2024. WASHINGTON — The US Federal Reserve on Wednesday slashed interest rates by 25 basis …

Fed lowers rates but sees fewer cuts ahead
Trending News
3 weeks, 5 days ago

Fed lowers rates but sees fewer cuts ahead

China Daily  

WASHINGTON — The US Federal Reserve on Wednesday slashed interest rates by 25 basis points, the third consecutive rate cut in this easing cycle, while signaling a slower-than-expected pace of easing next year. US stocks plunged following the rate cuts, with the Dow Jones Industrial Average falling 2.58 percent, the S&P 500 sinking 2.95 percent and the Nasdaq dropping 3.56 …

Trump isn’t president yet. He’s already spooking the Fed.
3 weeks, 6 days ago

Trump isn’t president yet. He’s already spooking the Fed.

Live Mint  

The Federal Reserve can no longer deny that it is beginning to think about what Donald Trump will do as president. These showed that Fed policymakers’ median expectation is now for inflation, as measured by the core personal-consumption expenditures index, to come in at 2.5% next year, up from September’s projection of 2.2%. “It’s hard to justify trimming the number …

Wall Street witnesses a sharp fall after US federal reserve signals lower cuts in 2025
3 weeks, 6 days ago

Wall Street witnesses a sharp fall after US federal reserve signals lower cuts in 2025

Firstpost  

Wall Street witnessed a major drop after the Federal Reserve announced final cuts before US President-elect Donald Trump comes to power. However, the American central bank warned that there will be fewer cuts in 2025 Wall Street witnessed a sharp fall after the US Federal Reserve cut interest rates but warned that there will be fewer rate cuts in 2025. …

US Federal Reserve lowers interest rates, signals slower cuts for 2025
Trending News
3 weeks, 6 days ago

US Federal Reserve lowers interest rates, signals slower cuts for 2025

India TV News  

The Federal Reserve cut its benchmark interest rate by a quarter for the third consecutive time. Future outlook: Moderate reductions expected by 2025 Another quarterly outlook indicated only two rate cuts in 2025, with officials predicting government rates to reach 3.75 per cent-4 per cent by the end of that year. Fed Governor Michelle Bowman warned that inflation would remain …

US Fed cuts key interest rates by 0.25%: 3 key takeaways for stock markets
Top News
3 weeks, 6 days ago

US Fed cuts key interest rates by 0.25%: 3 key takeaways for stock markets

India Today  

Stock markets are expected to open lower on Thursday, following a global market slump after the US Federal Reserve cut interest rates by 25 basis points. GLOBAL MARKET REACTIONS Wall Street reacted negatively to the Fed’s announcement, with all three major US indices—Dow Jones, S&P 500, and Nasdaq—posting their biggest single-day losses in months. Gift Nifty, an indicator for the …

US Federal Reserve cuts key interest rates by 0.25%
3 weeks, 6 days ago

US Federal Reserve cuts key interest rates by 0.25%

India Today  

WASHINGTON : The Federal Reserve cut its key interest rate on Wednesday by a quarter-point — its third cut this year — but also signaled that it expects to reduce rates more slowly next year than it previously envisioned, largely because of still-elevated inflation. The Fed’s 19 policymakers projected that they will cut their benchmark rate by a quarter-point just …

Feds drop interest rates by another quarter-point easing burden for borrowers
Trending News
3 weeks, 6 days ago

Feds drop interest rates by another quarter-point easing burden for borrowers

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. This year's Fed rate reductions have marked a …

Hawkish cut for Fed as 'foggy night' lies ahead: America's central bank slashes rates for third time this year
3 weeks, 6 days ago

Hawkish cut for Fed as 'foggy night' lies ahead: America's central bank slashes rates for third time this year

Daily Mail  

America’s central bank last night slashed interest rates for the third time this year but signalled that further cuts in 2025 will be slower than previously thought. The pre-Christmas boost for borrowers in the world’s biggest economy took rates down to a range of 4.25 to 4.5 per cent, a full percentage point lower than where they were in September. …

US stocks tumble as Federal Reserve eyes fewer 2025 rate cuts, Dow falls 2.6%
3 weeks, 6 days ago

US stocks tumble as Federal Reserve eyes fewer 2025 rate cuts, Dow falls 2.6%

Hindustan Times  

Wall Street stocks tumbled Wednesday after the Federal Reserve lowered interest rates but also slashed the number of 2025 rate cuts in its forecast. All three major indices finished firmly lower after the Fed projected just two interest rate cuts next year, down from four. Although stocks often enjoy a late-year bounce referred to as the "Santa Claus rally," Stovall …

US Federal Reserve cuts key interest rates by 0.25%
3 weeks, 6 days ago

US Federal Reserve cuts key interest rates by 0.25%

The Hindu  

The Federal Reserve cut its key interest rate on Wednesday by a quarter-point — its third cut this year — but also signaled that it expects to reduce rates more slowly next year than it previously envisioned, largely because of still-elevated inflation. The Fed’s 19 policymakers projected that they will cut their benchmark rate by a quarter-point just twice in …

US Fed lowers benchmark rate to 4.25-4.50% for third straight meeting, eyes two cuts in 2025; 5 key highlights
3 weeks, 6 days ago

US Fed lowers benchmark rate to 4.25-4.50% for third straight meeting, eyes two cuts in 2025; 5 key highlights

Live Mint  

The US Federal Reserve announced its eighth and final monetary policy decision for 2024 after a two-day Federal Open Market Committee meeting and slashed its benchmark interest rate by or a quarter of a percentage point to 4.25-4.50 per cent. US Fed chair Jerome Powell-led rate-setting panel cut the federal funds rate for the third straight meeting after kicking off …

US Federal Reserve lowers rates by a quarter point, signals two cuts for 2025
3 weeks, 6 days ago

US Federal Reserve lowers rates by a quarter point, signals two cuts for 2025

Hindustan Times  

Federal Reserve officials lowered their benchmark interest rate for a third consecutive time, but reined in the number of cuts they expect in 2025, signaling greater caution over how quickly they can continue reducing borrowing costs. A majority of economists in a Bloomberg survey had expected the median rate estimate would point to three cuts next year. Bumpy Inflation Policymakers …

The Fed expects to cut rates more slowly in 2025. What that could mean for mortgages, debt and more
3 weeks, 6 days ago

The Fed expects to cut rates more slowly in 2025. What that could mean for mortgages, debt and more

Associated Press  

NEW YORK — The Federal Reserve’s third interest rate cut of the year will likely have consequences for debt, savings, auto loans, mortgages and other forms of borrowing by consumers and businesses. “Because the upcoming Trump administration’s policies might cause a resurgence in inflation or otherwise throw the economy off balance, the Fed might choose to take a wait-and-see approach …

U.S. Fed expected to cut again, despite uncertain path ahead
4 weeks ago

U.S. Fed expected to cut again, despite uncertain path ahead

Raw Story  

The U.S. Federal Reserve is widely expected to cut interest rates by a quarter point on Wednesday and signal a slower pace of cuts ahead, brushing off uncertainty about inflation's downward path and the possible impact of some of President-elect Donald Trump's economic proposals. "If the Fed wasn't going to do that, they would have dissuaded markets of that notion …

U.S. Federal Reserve is set to cut key rate but consumers might not feel much benefit anytime soon
4 weeks ago

U.S. Federal Reserve is set to cut key rate but consumers might not feel much benefit anytime soon

The Hindu  

Federal Reserve officials on Wednesday will likely signal a slower pace of interest rate cuts next year compared with the past few months, which would mean that Americans might enjoy only slight relief from still-high borrowing costs for mortgages, auto loans and credit cards. The central bank’s policymakers may signal that they expect to reduce their key rate just two …

Federal Reserve cuts its key rate by a quarter-point but envisions fewer reductions next year
4 weeks ago

Federal Reserve cuts its key rate by a quarter-point but envisions fewer reductions next year

Associated Press  

WASHINGTON — The Federal Reserve cut its key interest rate Wednesday by a quarter-point — its third cut this year — but also signaled that it expects to reduce rates more slowly next year than it previously envisioned, mostly because of still-elevated inflation. “I think that a slower pace of cuts really reflects both the higher inflation readings we’ve had …

The Fed is about to deliver the last rate cut for a while
Trending News
4 weeks ago

The Fed is about to deliver the last rate cut for a while

CNN  

Washington CNN — The Federal Reserve on Wednesday is expected to cut interest rates for the third time this year, in what could be the last rate cut for months. The Fed’s key interest rate influences borrowing costs across the economy and it’s used to achieve stable prices and maximum employment, two key goals mandated by Congress. With inflation nearly …

US Fed cuts interest rates but cautions for year ahead
Trending News
4 weeks ago

US Fed cuts interest rates but cautions for year ahead

Al Jazeera  

Slower progress on inflation translates into a slower pace of rate cuts, especially as economic growth is brisk. “Economic activity has continued to expand at a solid pace” with an unemployment rate that “remains low” and inflation that “remains somewhat elevated”, the central bank’s rate-setting Federal Open Market Committee said in its latest policy statement on Wednesday. That is half …

Fed makes third rate cut this year, suggests fewer in 2025
4 weeks ago

Fed makes third rate cut this year, suggests fewer in 2025

Salon  

The Federal Reserve on Wednesday committed to a final interest rate cut this year, as widely expected by economists and investors, but suggested fewer cuts next year. “The slower pace of cuts for next year really reflects both the higher inflation readings we’ve had this year and the expectation inflation will be higher.” Going into the December meeting, market expectations …

Fed lowers interest rates again but pares back plans for more cuts in the future
4 weeks ago

Fed lowers interest rates again but pares back plans for more cuts in the future

LA Times  

Federal Reserve Chairman Jerome Powell has led the central bank’s battle to bring inflation down to 2%, but progress has stalled in recent months. Stocks plunged after the Fed announced its quarter-point rate reduction and updated projections, which halved the number of rate cuts for next year. And one Fed voting member, Beth M. Hammack, president of the Fed Bank …

Jerome Powell-led FOMC meeting begins today: US inflation to GDP— 5 key indicators to watch
4 weeks, 1 day ago

Jerome Powell-led FOMC meeting begins today: US inflation to GDP— 5 key indicators to watch

Live Mint  

The US Federal Reserve began its deliberations for the latest monetary policy decisions today, December 17, and will announce its new benchmark interest rate decision on Wednesday, December 18. The new US federal fund rate currently sits at 4.50 per cent—4.75 per cent after the central bank slashed its benchmark rate by 25 basis points during the November policy verdict. …

Will the Fed keep cutting in 2025?
4 weeks, 1 day ago

Will the Fed keep cutting in 2025?

Live Mint  

Investors see an interest-rate cut by the Federal Reserve this week as all but certain. Approaching neutral This week’s meeting is likely to deepen debates on two issues that could define where rates go over the next year: the location of the “neutral" rate of interest and the potential for policy changes by President-elect Donald Trump. “It looks like you’ve …

Federal Reserve is likely to slow its rate cuts with inflation pressures still elevated
4 weeks, 2 days ago

Federal Reserve is likely to slow its rate cuts with inflation pressures still elevated

Associated Press  

WASHINGTON — Americans hoping for lower borrowing costs for homes, credit cards and cars may be disappointed after this week’s Federal Reserve meeting. The Fed’s policymakers are likely to signal fewer interest rate cuts next year than were previously expected. Instead, inflation has become stuck at a higher level, yet the Fed after Wednesday’s meeting will likely have lowered its …

Wall St Week Ahead-Fed rate view in focus as robust stocks year draws to close
4 weeks, 2 days ago

Wall St Week Ahead-Fed rate view in focus as robust stocks year draws to close

Live Mint  

* Fed widely expected to cut rates by 25 bps on Wednesday * Some investors brace for "hawkish cut," with Fed suggesting pause in easing cycle * S&P 500 up 27% in 2024, with Nasdaq breaching 20,000 as latest equities milestone By Lewis Krauskopf NEW YORK, Dec 13 - A banner year for U.S. stocks gets one of its last …

US Fed to play ‘cut-and-pause’ for meeting dual mandate of growth & inflation; Fewer rate cuts eyed in 2025: Experts
1 month ago

US Fed to play ‘cut-and-pause’ for meeting dual mandate of growth & inflation; Fewer rate cuts eyed in 2025: Experts

Live Mint  

The US Federal Reserve will begin its deliberations for the latest monetary policy decisions on Tuesday, December 17, and will announce its new benchmark interest rate decision on December 18. The US central bank will conduct its two-day Federal Open Market Committee meeting amid Wall Street bets that will likely stay on course towards delivering another rate cut even after …

Bond Market Has Worst Week in Months With Less Fed Action Seen
1 month ago

Bond Market Has Worst Week in Months With Less Fed Action Seen

Live Mint  

An orderly selloff in the US government bond market continued for a fifth straight day, with the 30-year bond’s yield posting its biggest weekly increase of the year. Inflation, if anything, is bending up.” The extra yield offered by long- versus short-maturity yields “is not enough at this point of time.” Next week’s Fed meeting includes an updated summary of …

Wall St Week Ahead-Fed rate view in focus as robust stocks year draws to close
1 month ago

Wall St Week Ahead-Fed rate view in focus as robust stocks year draws to close

Live Mint  

* Fed widely expected to cut rates by 25 bps on Wednesday * Some investors brace for "hawkish cut," with Fed suggesting pause in easing cycle * S&P 500 up 27% in 2024, with Nasdaq breaching 20,000 as latest equities milestone By Lewis Krauskopf NEW YORK, Dec 13 - A banner year for U.S. stocks gets one of its last …

Inflation increases against backdrop of higher tariffs
1 month ago

Inflation increases against backdrop of higher tariffs

China Daily  

Inflation in the US crept up in November, posing a challenge for the Federal Reserve in its efforts to continue trimming interest rates, while President-elect Donald Trump floated expanded tariffs. "The possibility the incoming US administration will impose new tariffs on Canadian exports to the United States has increased uncertainty and clouded the economic outlook," the bank's statement said. US …

Inflation increases against backdrop of higher tariffs
1 month ago

Inflation increases against backdrop of higher tariffs

China Daily  

Inflation in the US crept up in November, posing a challenge for the Federal Reserve in its efforts to continue trimming interest rates, while President-elect Donald Trump floated expanded tariffs. "The possibility the incoming US administration will impose new tariffs on Canadian exports to the United States has increased uncertainty and clouded the economic outlook," the bank's statement said. US …

Sticky US inflation and Trump tariffs cast doubt on Fed’s rate cut path, say experts
1 month ago

Sticky US inflation and Trump tariffs cast doubt on Fed’s rate cut path, say experts

Live Mint  

Although US CPI inflation recorded its sharpest increase in seven months, it aligned with forecasts and did not disrupt expectations of a 25 bps rate cut by the US Federal Reserve next week. However, the November inflation data highlighted that the Fed still faces significant challenges in bringing inflation below its 2 per cent target, leaving the outlook for future …

Investors shouldn’t count on much help from the Fed next year
1 month ago

Investors shouldn’t count on much help from the Fed next year

Live Mint  

Markets seemed undisturbed by Wednesday’s inflation data, which showed consumer prices rising 2.7% in November from a year earlier, up from 2.6% in October. Despite the slowdown, jobs are still posting decent gains, and overall economic momentum remains strong, with real gross domestic product growth clocking in at an annualized 2.8% in the third quarter. But the public data already …

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