Review the latest Weekly Headings by CIO Larry Adam.
The Energizer Bunny! That’s the term that best describes the U.S. economy. Despite calls for a recession, growth has defied expectations – remaining remarkably resilient thus far this year. While the headwinds to growth (i.e., depleted excess savings, student loan repayments, softening job growth) are building, the economy remains on track for a strong 3Q (Atlanta Fed Q3 GDPNow growth estimate: 4.9%). The latest surge appears to be due to a last burst of pent-up travel demand and soaring manufacturing investment (courtesy of prior stimulus acts). While inflation has eased, the uptick in oil prices (if sustained) could create challenges for the outlook. How will these dynamics shape the Fed’s thinking at the September 19-20 FOMC meeting and impact its updated economic projections? Here are our latest thoughts.
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