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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