21 Jun U.S. ECONOMY: REGULARLY SCHEDULED MAINTENANCE DUE

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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