Biden’s GDP Growth Numbers Signal More Pain On The WayWill Kessler
Contributor
September 28, 2023 10:40 AM ET
A new estimate for U.S. economic growth released Thursday could mean that higher interest rates, and resulting economic pain, will be with Americans for longer.
Gross Domestic Product (GDP), a measure of economic growth, for the U.S. remained at 2.1% for the second quarter of 2023 in its third revision, after being revised down from an original estimate of 2.4%, while GDP for the first quarter was revised up from 2.0% to 2.2%, according to the Bureau of Economic Analysis (BEA). Jerome Powell, chair of the Federal Reserve, noted at the Jackson Hole Economic Symposium in August that factors like high inflation, a hot labor market and sustained economic growth could mean higher rates for longer.
The Fed decided to keep rates at a range of 5.25% and 5.50% at its September Federal Open Market Committee (FOMC) meeting, holding them steady before another possible hike later this year. The last rate hike in July was the 11th increase to the federal funds rate since March 2022, leaving the range at the highest level since 2001.
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