The recovery from the post-COVID recession continued at a strong pace through August and September with further improvement for the labor market and solid expansion from the business sector. The rebound in consumer spending and hiring should drive a record surge in Gross Domestic Product growth for Q3, when reported later this month. Following its shift in approach to average inflation targeting, the Federal Reserve signaled it is unlikely to tighten monetary policy until at least 2024 as it doesn’t expect inflation to rise to its 2.0 percent goal before then. Slower growth is expected in Q4, but the expansion should move forward at an above-trend pace in 2021 as vaccines become widely available.
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