Entering 2023, many analysts had penciled in a mild U.S. recession by mid-year. However, strong incoming economic
data kept delaying the start date. Growth remained steady in the first half of the year, despite a hiccup in 1Q23 due to
the regional banking crisis, and, more recently, a combination of positive impulses boosted 3Q23 GDP growth to a real
annualized rate of 4.9% – the fastest pace in two years.
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