Tuesday, White House Top economic advisor Larry Kudlow predicts that economic growth will surpass at least 3% this year.
“I am looking for faster growth: I think we’re going to get 3% this year,” Mr. Kudlow said on TV. “The trade deals will help, the Fed changed policy — that was very, very important.”
Meanwhile, economists surveyed this month forecast growth this year of 1.8%, down from an estimated 2.3% in Y 2019. They put the chances of a recession happening over the next 12 months at 30%.
The Atlanta Fed is forecasting GDP increasing at a 1.8% annualized rate in the 4th Quarter. The economy grew at a 2.1% pace in the 3rd Quarter. The New York Fed Staff Nowcast stands at 1.2% for the fourth quarter and 1.7% for 2020’s 1st Quarter.
“This is a long cycle, and what you’ve got here in the Trump years is essentially a mini upcycle,” said Mr. Kudlow, National Economic Council director.
“You have gone from 1.5% to 2% growth. We had it going at almost 4%, then the Fed tightened,” said Mr. Kudlow, who served as The Trump Campaign senior economic adviser.
“We are now down to 2.5% to 3%,” said Mr. Kudlow.
Tuesday, the major US stock market indexes finished at: DJIA -152.06 at 29195.95, NAS Comp -18.14 at 9370.83, S&P 500 -8.83 at 3320.79
Volume: Trade on the NYSE came in at 1.1-B/shares exchanged
- NAS Comp +4.4% YTD
- S&P 500 +2.8% YTD
- DJIA +2.3% YTD
- Russell 2000 +1.0% YTD
HeffX-LTN’s overall technical outlook for the major US stock market indexes is Bullish to Very Bullish in here.
Looking ahead, investors will receive Existing Home Sales for December, the FHFA Housing Price index for January, and the weekly MBA Mortgage Applications Index Wednesday.
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