Macro Musings with David Beckworth
Colby Smith, Steven Kelly, and Gerard DiPippo on the Highlights of 2023 and Looking Ahead to the Future
Jan 1, 2024
Colby Smith, Steven Kelly, and Gerard DiPippo discuss the major surprises and underreported stories of 2023. They also talk about the challenges in predicting economic trends and the consequences of war on the defense industry. Additionally, they explore geopolitical risks, the cost of large central bank balance sheets, and the Fed's framework review.
54:38
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Quick takeaways
- The US economy defied predictions of a soft landing and experienced higher than expected growth in 2023, fueled by a robust labor market.
- The US economy demonstrated resilience throughout 2023 with the surprising absence of a banking crisis and the strong performance of the consumer sector.
Deep dives
Unexpected GDP Growth in 2023
The US economy experienced higher than expected growth in the third quarter of 2023, defying predictions due to the tight monetary policy and high Fed funds rate. This strong growth, fueled by a robust labor market, reshaped the narrative around a soft landing for the US economy.
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