GDP details show waning momentum for 2023: Weekly Economic Review & Outlook
Headline real GDP growth remained solid in the fourth quarter underpinning a rebound in the second half of 2022 that more than recovered the decline recorded in the first half of the year. Unfortunately, the underlying details of the GDP report were less impressive, showing that consumer and business spending was slowing heading into the new year. In positive news, the PCE price data for December were encouraging, but inflation remains far above the Fed's 2 percent target.