A mid-year assessment for the U.S. economy
Gloom-and-doom pessimists who predicted 2023 would be a year of economic misery have been wrong (at least as the second half gets underway). Those who predicted a gradual rebalancing with limited pain have been right.
Why it matters: Things could obviously go wrong in any number of ways from here, but so far the immaculate disinflation — what had seemed a remote scenario in which inflation comes down without a recession — has materialized.
That said, it has been slower than ideal, with inflation still tracking well above what most...