Hopes Of Fed Pivot Fade As U.S. Economy Returns To Growth

The US economy has surprisingly shaken off a series of steep rate rises, indicating the Federal Reserve’s campaign to tame historic high inflation is not over yet, new figures out today reveal. Gross domestic product (GDP) across the pond climbed 2.6 per cent last quarter, swinging from a 0.6 per cent contraction in the three months to June, according to official US statistics. The Wall Street Journal’s US dollar index, which measures the greenback against a basket of global currencies, strengthened 0.6 per cent on the news. US stocks…