Biden hails third quar­ter GDP growth as ‘Bide­nomics’ tri­umph

Pres­i­dent Joe Biden laud­ed strong eco­nom­ic growth and cred­it­ed his poli­cies for it.
The econ­o­my grew by a 4.9% sea­son­al­ly adjust­ed annu­al rate in the third quar­ter of this year, up from 2.1% the quar­ter before, the Bureau of Eco­nom­ic Analy­sis report­ed on Thurs­day morn­ing. Biden said he was pleased with the fig­ure.
NEW HOME SALES INCREASE IN SEPTEMBER TO HIGHEST RATE IN 19 MONTHS
“I nev­er believed we would need a reces­sion to bring infla­tion down — and today we saw again that the Amer­i­can econ­o­my con­tin­ues to grow even as infla­tion has come down,” he said. “It is a tes­ta­ment to the resilience of Amer­i­can con­sumers and Amer­i­can work­ers, sup­port­ed by Bide­nomics — my plan to grow the econ­o­my by grow­ing the mid­dle class.”
Econ­o­mists had expect­ed GDP growth to increase by 4.2%, so the report came in even hot­ter than antic­i­pat­ed. While that is good news for the over­all health of the econ­o­my, it com­pli­cates things for the Fed­er­al Reserve, which has been rais­ing inter …