Midyear Outlook 2017 U.S. Economy and Global Central Banks

We continue to look for the U.S. gross domestic product (GDP) to expand near 2.5% in 2017, although potential delays in passing major fiscal policies introduce some risk to the downside. This below-trend pace is still somewhat stronger than the trajectory that the economy has experienced throughout the expansion [Figure 1], as employment, income, production, and sales have failed to reach levels achieved in prior economic cycles.

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