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Elevated Inflation, Poor GDP Growth Raise Concerns

Both the inflation and GDP data points raised concerns among economists and renewed

criticism of President Joe Biden among Republicans. “Given the elevated levels of inflation – and this is the new normal for 2024 – the market is going to need to get over hopes for Fed rate cuts,” Chris Zaccarelli, chief investment officer for Independent Advisor Alliance, said in a statement. “Yes, they may cut once (or not at all), but there is no possibility the Fed is going to cut rates 3 or more times, unless we go into recession.”

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