The U.S. Is Slowing, But Inflation Won't Let Up; GDP, PMI And Tariffs In One 'Difficult' Mix
2026-02-23 08:05:00 ET
Originally published on February 20, 2026
By Krzysztof Kami?ski
A sharp GDP slowdown: 1.4% instead of the expected 3%
The end of 2025 proved clearly weaker for the U.S. economy than anticipated. Real GDP growth in Q4 fell to 1.4% at an annual rate, down from 4.4% in Q3. The deceleration is large enough that it’s hard to dismiss as mere “statistical noise,” especially given that markets had been looking for a result closer to 3%....
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