Did we just dodge a recession? ...Middle East

Toward the end of 2022, there was an unusually strong consensus that the U.S. economy was headed for a recession in 2023. Yet, so far this year, American consumers have remained resilient, the labor market has remained tight and the housing market has been reinvigorated by an uptick in construction and sale of newly-built homes. Even the stock market appears to have regained some swagger as analysts raise their year-end targets for major indices.   Why did 10 consecutive interest rate hikes by the Federal Reserve, which cumulatively pushed interest rates up by 500-basis points, fail to generate a noticeable slowdown in U.S. economic activity?   While issues associated with monetary

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