The chief economists of North America’s largest banks expect a sustained rebound in both consumer and business credit market conditions over the next six months, according to ABA’s latest Credit Conditions Index.
The U.S economy is recovering rapidly and is expected to yield inflation-adjusted growth of 7.2% over the four quarters of this year before easting to a still-robust 3.1% in 2022, according to the latest forecast of the American Bankers Association’s Economic Advisory Committee.
The nation’s top economists forecast that the economy will grow a robust 7.2% in 2021, before easing to a 3.1% growth rate in 2022, according to the American Bankers Association’s Economic Advisory Committee.
Economic activity expanded at a moderate pace from early April to late May, at a somewhat faster rate than the prior reporting period as consumer spending strengthened due in part to increased COVID-19 vaccinations, according to the Federal Reserve’s fourth Beige Book release of the year. The report was based on information collected through May 25.
An uneven global recovery and supply chain bottlenecks are two “potential headwinds” for the economy, Federal Reserve Vice Chairman for Supervision Randal Quarles said today during remarks at an industry event.
The economic projections coming out of the Federal Open Market Committee’s April meeting were slightly stronger than the group’s March forecast. In minutes from the committee’s April 27-28 meeting, members said that real GDP growth was projected to post a “substantial increase” this year, along with a “rapid decline” in the unemployment rate.
Outstanding household debt increased 0.6% in the first quarter of 2021, rising by $85 billion to land at $14.64 trillion, the Federal Reserve Bank of New York reported today.
The FDIC today said that the banking industry remained resilient entering 2021, despite the extraordinary challenges of the pandemic. In its annual risk review publication, the agency said that the banking sector in 2020 was helped by strong capital and liquidity levels and “was a source of stability to the economy.”
Indicators of economic activity have strengthened recently as a result of progress on vaccinations but the COVID-19 pandemic still weighs on the economy, the Federal Open Market Committee said today.