06 Jul Midyear Outlook 2017

An important shift has taken place in this economic cycle.
The Federal Reserve (Fed) was finally able to start following
through on its projected rate hike path, raising rates twice
in just over a three-month period. By doing so, the Fed
showed increasing trust that the economy has largely met
its dual mandate of 2% inflation and full employment, that
the economy is progressively able to stand on its own two
feet, and that fiscal policy may now provide the backstop to
the economy that monetary policy has provided throughout
the expansion. The gauges say growth engines and market
drivers may have changed: power down monetary policy,
power up business fundamentals, and potentially take fiscal
policy and economic growth off standby.

View the full Midyear Outlook here.

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