• GDP growth is expected to strengthen in 2015 to 3.0%, from 2.3% in 2014.
• This reflects rising business and consumer confidence, improving household balance sheets, a strengthening labour market, solid investment conditions, declines in oil prices and a fading headwind from fiscal policy.
• Headwinds are coming from the appreciation of the dollar and monetary policy is likely to start tightening from mid next year. Low inflation (actual or expected) remains the main risk that may delay rate hikes.

For further details, please see the attached document:

• US Economic Update – December 2014 (PDF, 83KB)