In preview of the FOMC meeting next week, analysts from TD Securities They said they expect President Jerome Powell to communicate that the recovery remains generally on track and that further progress is expected despite growing concerns about the Delta coronavirus variant.
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“Powell will likely acknowledge that the committee has begun discussions on phase-down plans, but will also point out that meeting the standard of additional substantial progress is still a long way off.”
“US real GDP probably rose strongly in the second quarter, although not as strong as in the consensus estimate, and real consumer spending probably posted double-digit growth rates again. Core PCE prices likely rose by one. strong 6.0% quarterly AR “.
“In Canada, we expect a slight contraction in May, driven by COVID lockdowns, with flash estimates pointing to a solid rebound in June.”
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