Rocky Road: Dessert or Disaster Ahead?: The U.S. economy has continued to expand at a solid pace as the calendar turns to 2023. Nonfarm payrolls increased by 223K in December, and Q4 real GDP growth is tracking at around a 3% annualized pace. Slower inflation over the past few months, led by falling energy prices and normalizing prices for pandemic-hit sectors such as autos and airfares, has likely played a role in sustaining the momentum of the economy.

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