"Assessing the US Economy: Insights from Thursday's GDP Report"

Wall Street economists expect the U.S. GDP report for the fourth quarter of 2023 to show a significant slowdown, with consensus estimates at a 2% growth rate, down from 4.9% in Q3. Bank of America forecasts a 1.5% pace due to a slowdown in non-consumer-related sectors, while Goldman Sachs raised its estimate to 2.1% on the back of stronger state and local government spending. The focus will be on consumer spending and inflation, with expectations of further economic cooling in 2024 due to monetary tightening, but no recession is anticipated.