This week provided more proof that the US economy is steaming ahead in the face of more than a year of gloomily incorrect predictions. Economic growth in the fourth quarter trounced forecasts and gross domestic product increased 2.5% for the year. You may recall that 2023 opened with economic experts jostling for air time to warn the public of a guaranteed American recession. But the year ended with a US expansion rate that added about a South Korea’s worth of GDP to the world. On Friday, there was even more good news for the US on the inflation front. The Federal Reserve’s preferred gauge of underlying price pressures, the so-called core personal consumption expenditures price index, cooled to an almost three-year low in December, even with robust holiday spending. That report capped a year in which inflation retreated at a much faster rate than the Fed (and certainly Wall…
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