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Rising inflation made investors worry that the Fed would tighten monetary policy faster, driving equity prices lower on fears of recession earlier this year.

Key Takeaways

  • Consumer spending is up.
  • Industrial activity has accelerated because of more oil production and higher capital expenditures.
  • Broad inflation measures remain contained.
  • The US dollar has risen and will be supported by stronger US growth, moderate growth overseas and rising US interest rates.