Economist Jason Furman "not super worried" about a recession within the next year

Stocks closed higher on Wall Street Friday, establishing the market's third winning week of the last four and sending the S&P 500 index to its highest levels since summer.The S&P 500 rose 0.2% Friday to 4,070, while the Nasdaq composite climbed 0.9% and the Dow ended up about 0.1%. The gain in the S&P 500 puts the index back at its level in late August. Investors were cheered by a Friday report showing that inflation is continuing to cool, raising hopes for a smaller interest rate increase from the Federal Reserve next week. Meanwhile, earnings reporting season is in full swing,...

The Federal Reserve's preferred inflation gauge eased further in December, and consumer spending dipped — the latest evidence that the Fed's series of interest rate hikes are successfully putting the brakes on the economy. Friday's report from the Commerce Department showed that prices rose 5% last month from a year earlier, down from a 5.5% year-over-year increase in November. It was the third straight drop.Consumer spending fell 0.2% from November to December and was revised lower to show a drop of 0.1% from October to November. Last year's holiday sales were sluggish for many retailers, and the overall spending figures for...