Strong workforce growth and improved productivity have made for a surprisingly resilient U.S. economy. Meanwhile, Canada may be first among developed markets to cut interest rates. Mexico's economy will likely take its cue from the U.S.
“The U.S. economy has proved more resilient than anyone could have expected despite the Federal Reserve’s efforts to cool it to rein in inflation. For 2024, we anticipate trend growth, a sturdy labor market, stubborn inflation, and a Fed that will move very cautiously toward its first rate cut, if it cuts at all this year.”
–Roger Aliaga-Díaz, Vanguard Americas Chief Economist
