The U.S. Federal Reserve on Wednesday raised its U.S. GDP growth projection to 2.1% for 2024, up from 1.4% in its December outlook, as the economy continues to display resilience.
But the labor market has remained relatively hot and January and February inflation prints dampened hopes that price increases were fully under control.
“I think one thing that was really underestimated in the U.S. was the immigration story,” Joyce Chang, chair of global research at JPMorgan, told CNBC on Thursday.