The economy grew at 2.3% last quarter, meeting expectations but slower than the previous quarter’s 3.1%. Consumer and government spending helped maintain growth, but business investment took a hit.
Jeffrey Small, President of Arbor Financial, joins Alicia Summers to discuss the impact of these numbers on consumers, the potential for rate cuts in 2025, and alternative strategies to address inflation.
The October Consumer Price Index (CPI) report shows a 0.2% monthly rise in inflation, with a 2.6% year-over-year increase, slightly above September’s 2.4% rate.
The Federal Reserve will maintain current interest rates, with no cuts announced despite the central bank having suggested several cuts this year.