"Wall Street Befuddled by U.S. Economy as Strong GDP Data Sparks Optimism"
TL;DR Summary
Wall Street and the Federal Reserve have consistently underestimated the strength of the U.S. economy in 2023, with GDP growth outpacing their forecasts in each quarter. Despite initial expectations of no growth or even contraction, the economy performed much better than anticipated, leading to surprise and adjustment in forecasts throughout the year. The Federal Reserve also missed the mark with its growth projections, highlighting the challenges of forecasting an economy emerging from a pandemic and unprecedented fiscal stimulus.
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