What impact will Biden stimulus plans have on Fed policy?
Federal Reserve officials convene this week for their first gathering of 2021 against a backdrop of surging coronavirus cases and further evidence that the economic recovery has fizzled.
Investors, however, have largely looked past these growth headwinds, instead focusing their attention on the potential injection of $1.9tn of additional stimulus should president Joe Biden’s plan pass through Congress.
The prospect of substantial fiscal aid has prompted economists to revise higher their forecasts for growth. Goldman Sachs now expects US gross domestic product to expand 6.6 per cent this year, with the unemployment rate ticking down to 4.5 per cent by the end of the year from 6.7 per cent in December.
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