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U.S. retail sales unexpectedly rose in November as the holiday shopping season got off to a brisk start amid deep discounting, likely keeping the economy on a moderate growth path this quarter and further alleviating fears of a recession. The rebound in retail sales reported by the Commerce Department on Thursday underscored consumers' resilience, thanks to a strong labor market, and cast doubts on financial markets' expectations for a rate cut as early as next March. The Federal Reserve held interest rates steady on Wednesday and signaled in new economic projections that the historic tightening of monetary policy engineered over the last two years is at an end and lower borrowing costs are coming in 2024.

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