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Weekly Economic Report 1.26.24

The initial estimate of fourth quarter real GDP growth was so strong that even we were taken aback for a moment. The 3.3% annualized increase was well above the 2.0% consensus; outstripped the 2.4% projected by GDPNow (and us); and was higher that the top of the range for private forecasts on both Bloomberg (2.4%) and Reuters (2.8%). WOW!

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