Buckle Up for a Bumpy 2024, Say Economists

Published on January 7, 2024

The U.S. economy embarked on a rollercoaster ride in 2023, grappling with high inflation, soaring interest rates, wars abroad, and a shaky banking sector. This time last year, the U.S. economy was bracing for an impending recession. Concerns about a recession persisted through 2023, particularly following the banking turmoil in the second quarter, which witnessed a 1930s-style bank run on Silicon Valley and First Republic Banks. The Federal Reserve intervened with emergency measures, and as a result, bank liquidity recovered and financial and credit markets soon normalized, as if the crisis had never happened. In the months that followed, the U.S. economy surpassed expectations and defied recession fears. The economy grew at a faster-than-expected 4.9 percent in the third quarter, boosted by strong consumer and government spending....

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