Economic conditions in the fourth quarter remained broadly constructive, even as growth moderated from the very strong 4.3% pace recorded in the third quarter. U.S. economic activity continued to expand, consumer spending remained resilient, and inflation pressures eased. Although job growth slowed from earlier periods, unemployment remained relatively low and weekly jobless claims were contained. The Federal Reserve cut rates for the third consecutive month in December, by 25 basis points, but signaled a more mixed outlook for future cuts.