Inflation is re-igniting, and there is a danger of significant overheating. This should keep the Fed from cutting interest rates in June or July and very likely for the rest of the year.
The economy did not grow quite as fast as previously thought in the third quarter, but the details should undermine any hopes that this might allow for earlier or deeper rate cuts from the Federal Reserve this year.
Fed Governor Christopher Waller argues that there is no reason to fear that we are sailing into a recession, which is the thing that usually prompts rate cuts from the Fed.