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On the buy side, lower interest rates and an extreme imbalance between supply and demand is supporting the municipal market's positive tone, according to JB Golden, executive director and portfolio manager at Advisors Asset Management.
The U.S. economy expanded at a healthy pace in the final three months of 2022, though signs of slowing consumer spending mounted as the steepest interest rate increases by the Federal Reserve in decades threaten growth this year.
Activity at the end of last year showed the resilience of American consumers and businesses in the face of rising inflation and interest rates.
Forecasters predict that a rise in fourth-quarter gross domestic product will exceed the pace seen before the pandemic, as a strong job market and cooling inflation allowed Americans to keep spending.
The continued growth in the fourth quarter showed the resilience of consumers and businesses in the face of rising inflation and interest rates.