US GDP estimates continue to ratchet higher
Bank of America boosts forecasts
Strong Q1 data and impending stimulus is pushing a persuasive case for higher growth.
Economists at Bank of America now see 2020 GDP growth at 6.5% this year compared to 6.0% a year ago and 5.0% in 2022 compared to 4.5% previously.
The Fed's Kaplan also just hit the wires saying risks are to the upside for his 5% 2021 GDP forecast.
The first quarter was supposed to be the stumble because of a rise in covid cases but it's not playing out that way and we now hove Goldman at 6%, MS at 7.5% and JPM at 5% for q/q annualized growth.
The Fed's composite forecast is 4.2% for this year and the consensus is 4.9%. Given the move from BofA, expect more to follow.