U.S. GDP grew at a 4.9% annualized rate over three months ending in September.
The U.S. economy grew at a blistering pace over three months ending in September, more than doubling growth in the previous quarter and rebuking worries about a possible recession. The robust performance, however, complicates the fight to dial back inflation.
The surge owed in large part to an increase in consumer spending, the Bureau of Economic Analysis, a government agency, said on Thursday. Speaking at a luncheon in New York City last week, Fed Chair Jerome Powell noted the unexpectedly strong economic performance in recent months.Inflation stands well below its peak last year of over 9%, but progress has stalled in recent months and price growth remains more than a percentage point higher than the central bank's target rate.
The onset of some financial pain is exemplified by the housing market, where the average interest rate for a 30-year fixed mortgage reached 8% last week,
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