The Globe and Mail reports in its Friday edition that the U.S. economy grew faster than expected in the fourth quarter amid strong consumer spending, and shrugged off dire predictions of a recession after the Federal Reserve raised interest rates, with growth for the full year coming in at 2.5 per cent. A Reuters dispatch to The Globe reports that the Commerce Department's advance fourth quarter GDP report on Thursday also showed inflation pressures subsiding further. The strong economic performance, which appears to have spilled over into the new year, suggested that March would be too soon for the U.S. central bank to start cutting interest rates. Rate cuts this year, however, remain in the cards as inflation cools. The U.S. performance offers a sharp contrast with Canada, which has seen its economy stagnate since the middle of 2023. Fitch Ratings' Olu Sonola says: "Whichever way you slice it, this report caps a year of stellar economic growth performance, particularly with the backdrop of the Fed's aggressive monetary policy tightening cycle. The momentum of economic growth going into 2024 is looking very good." Growth was also supported by rising exports, government spending and business investment.