"We Expect the U.S. Economy to Boom Starting in Q2.
We have revised our U.S. real GDP growth forecast to an above-consensus 5.3% in 2021 and 5.1% in 2022. Our bullish forecast is predicated on the rapid decline in COVID cases, continued progress on vaccine distribution and the tremendous loosening in fiscal policy from enacted and anticipated legislation. We believe that the U.S. consumer will lead the charge in this growth rebound by relying on a mix of previously accumulated savings, still-flowing fiscal support and a pick-up in job growth. Inflation, as measured by the core PCE deflator, should pick up and even modestly exceed 2% starting later this year."
(Monthly Economic Outlook: February 2021 dated 02/10/2021 by Well Fargo Economics Group)
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