The nation’s economy ended 2022 on a strong note, growing 2.9% annually in the fourth quarter despite the drag of higher interest rates. While the economy held its own in the fourth quarter, other economic reports have captured a slowdown in activity, notably in housing, retail and manufacturing. Markets are in a tug of war with the Fed, with both stocks and bonds rallying of late in expectation that inflation will recede faster than the central bank currently expects and force it to halt its tightening of monetary policy sooner than planned.

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