"Alongside an increase in economic optimism, respondents’ expectations for national economic growth rose from the previous survey,” said Richmond Fed vice president and economist Sonya Ravindranath Waddell. “At the same time, almost 60 percent of firms expect their price growth in 2024 to remain elevated relative to pre-COVID norms. Expectations for compensation growth also remain above what firms consider normal.” View the full results >
Business As Usual? Firm Activity Compared to Pre-Covid Levels and Implications for Monetary Policy
As we enter 2024, an important question facing policymakers is whether the constellation of economic indicators have returned close enough to “normal” levels to merit a reconsideration of the monetary policy stance. On average, firms’ expected price and revenue growth remain somewhat higher than their pre-pandemic levels, though expectations for these measures have declined markedly from their peaks. Read more in Research & Commentary >
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