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The war in Ukraine. Hamas’s attack on Israel. Inflation. The former president has insisted that none would have occurred if he had remained in office after 2020.

Economies all over the world are lowering inflation while avoiding serious recession — but growth in the United States stands out.

The S&P 500 crossed above its January 2022 peak after weeks of wavering. Investors have been buying stocks after homing in on signals that the Fed’s campaign of raising interest rates is over.