We've increased our GDP forecast.
Robust e-commerce sales by traditional retailers during the COVID-19 pandemic create a lasting role for physical stores.
Supply-side pressures are behind our increase for this year.
We expect a mid-single-digit impact to average U.S. equity valuations.
We've increased our U.S. GDP growth forecast.
Consumers are ready to spend.
Productive capacity, not stimulus, is what drives the economy’s long-term potential GDP.
Despite stubbornly high unemployment, we have reason to believe fiscal stimulus has helped household finances hold up across all income levels.
The U.S. economic recovery paused at the end of 2020, but it will soon be ready for liftoff.