The US is pulling ahead in the economic race with China
CNN
The US economy is growing faster than Wall Street expected, markets are soaring and inflation is approaching the Fed’s target. It appears that a soft landing, where price rises are tamed and the economy manages to avoid recession, is possible.
A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link. The US economy is growing faster than Wall Street expected, markets are soaring and inflation is approaching the Federal Reserve’s 2% target. It appears that a soft landing, where price rises are tamed and the economy manages to avoid recession, is possible. Meanwhile, China’s economy appears to be in distress. Markets are mired in a protracted slump, consumer confidence is weakening, growth is easing and the population is shrinking. A court has just ordered the winding up of Evergrande, with unpredictable consequences for China’s real estate crisis. So what does that mean for relations between the first- and second-largest economies in the world? Before the Bell spoke with Eswar Prasad, a professor of trade policy at Cornell University and former head of the International Monetary Fund’s China division. The interview was conducted over email. It has been edited for clarity.
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