And if they started talking about the economy, then on the eve of the Fed meeting, it is necessary to recall the key indicator that was published on Thursday - US GDP in Q4 (i.e. changes in GDP by Q3).
What do we have?
As usual, the new publications have by no means added clarity to the understanding of the situation.
2,9% against expected 2,6%, on the other hand, is worse than the previous 3,2% for the 3rd quarter.
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This phenomenon is worth explaining.
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As in previous years, the backbone of the US economy is private consumption. Growth rates of durable goods increased in Q4 for a record 5.6%. This is the maximum figure from the blessed 4 quarters 2017
It's just that the expectation channel has kicked in here, with consumers rushing to shop at a lower price and stake out a lower percentage for themselves.
Most likely, this is a short-term surge, and already in the first quarter of 2023 we can see reducing this effect, but then in benefit of economic growth will play a reduction in inflation.
Summary. 
Even with extremely high inflation, GDP growth rates are quite consistent with the average annual indicators of the pre-COVID period.
And How the result is an unexpected support for GDP at the end of the year.
Author: Novel in macroeconomics
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