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Fed Rate Hikes in the Summer, Winter Remain 'the Majority Forecast, if Just Barely'

NEW YORK CITY—According to a recent midyear survey from SIFMA Economic Advisory Roundtable, economic growth is not expected to top 2% in the second half of 2016 and in 2017.

By Natalie Dolce | nataliedolce | | Updated on June 22, 2016

stockpic NEW YORK CITY—Weaker-than-expected economic growth prompted the Securities Industry and Financial Markets Association’s economist roundtable to lower its outlook for real GDP growth in the U.S. this year to 1.8%, strengthening to 2.3% in 2017. The current 2016 outlook of the SIFMA Economic Advisory Roundtable is a lot weaker than its year-end prediction , in which it forecast 2.5% U.S. GDP growth and a return of inflation to the economic picture. As reported by GlobeSt.com sister publication, ALM’s ThinkAdvisor.com , “The Roundtable does expect economic growth to top 2% in the second half of 2016 and in 2017 as inflation inches closer to the [Federal Open Market Committee]‘s 2% goal,” said the Roundtable’s chairman, Stuart Hoffmann, the chief economist at PNC Financial Services Group, in a statement. “Thus a funds rate hike in the summer quarter and another in the winter quarter remains the majority forecast, if just barely.” Following are the results of the Roundtable’s midyear survey , completed June 3, on questions about the economy, monetary policy, interest rates, factors affecting growth, the U.S. election cycle, the United Kingdom’s possible exit from the European Union, and oil prices. To read the full story, including the Roundtable’s 6 Economic Predictions for 2016 and Beyond, click here.

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