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America First News
27 May 2023
#economy
Liberty Nation: The US Economy – The Little Engine That Could
The US economy had a sluggish first quarter but managed to hold steady, with the Bureau of Economic Analysis reporting a real GDP growth rate of 1.3%. While President Biden touted this as evidence that his policies were working, the increase in inflation raised eyebrows among financial markets. The personal consumption expenditure (PCE) price index rose to 4.2%, while the core PCE was raised to 5%, forcing the futures market to revise its expectations for a quarter-point rate hike at the upcoming June Federal Open Market Committee meeting. While it is too early to predict how Q2 will fare, economists and market analysts are confident that a recession is just around the corner.