• The Fed has announced further, aggressive, stimulus – extended forward guidance and a new round of QE. The Fed is also signalling that monetary policy stimulus will be maintained for longer than would normally be the case when the recovery strengthens.
• The latest indicators continue to suggest that the U.S. is experiencing only modest growth.
• In the September quarter we expect growth to be similar to the June quarter pace, before strengthening heading into next year. We are forecasting GDP growth of 2.2% in 2012 and 2.6% in 2013.

For further analysis download the full report

• United States Economic Update (PDF 414KB)