• The recent softness in economic indicators continued over the last month, and now point to GDP growth in the June quarter being slightly weaker than the March quarter’s modest pace.
• While we still expect GDP growth to strengthen in the second half of the year we have trimmed our growth expectations for 2012 (from 2.2% to 2.1%) and 2013 (from 2.9% to 2.7%).
• While unlikely at the next FOMC meeting (particularly in the form of QE), further unconventional easing measures by the Fed remain a possibility.

For further analysis download the full report.

• US Economic Update – 13 July 2012 (PDF, 414kb)