The US economy has surprisingly shaken off a series of steep rate rises, indicating the Federal Reserve’s campaign to tame historic high inflation is not over yet, new figures out today reveal.
Gross domestic product across the pond climbed 2.6 per cent last quarter, swinging from a 0.6 per cent contraction in the three months to June, according to official US statistics.
A strengthened dollar is likely to hit American trade due to it making the country’s exports less competitive. Slowing consumer spending in response to higher rates and prices will tip the economy into “a mild recession in the first half of next year,” he said.
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