The Fed’s massive economic upgrade: Chart of the Week

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The Federal Open Market Committee (FOMC) has revised its expectations for economic growth, projecting 2024 growth at 2.4%, almost double the previous forecast from three months ago. The FOMC's bullish growth projections, along with an optimistic outlook for three rate cuts this year, have helped push stocks to new highs. The Fed sees a strong job market, a healthy consumer, and worker productivity as factors supporting the economy. Fed Chair Jay Powell stated that a strong economy and stock market are not incompatible with the Fed's mandate. The only concern is that high interest rates make money expensive, pushing companies towards efficiency rather than growth. The Fed will consider cutting rates when convincing inflation data is available.

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https://finance.yahoo.com/news/the-feds-massive-economic-upgrade-chart-of-the-week-123035274.html