Forecasts
June 20, 2024
Long-Term Forecast
After a better-than-expected year for economic growth in 2023, the U.S. economy is forecast to slow to a below-trend pace in 2024 as the impact of higher interest rates weighs on demand. Following an economic slowdown in 2023 and 2024, Canadian output is expected to rebound in 2025 and 2026.
June 20, 2024
State Economic Forecast
The New England region continues to experience stable economic growth, albeit slightly slower than the national average. Elevated interest rates continue to constrain economic activity in the Middle Atlantic region, with particular weakness being seen in New York. The Lower South Atlantic remains the perennial outperformer this year with GDP growth of 2.8% (vs 2.4% nationally).
June 18, 2024
U.S. Quarterly Economic Forecast
“Let’s just enjoy the moment” was Bank of Canada Governor, Tiff Macklem’s, response when questioned about further rate cuts immediately after cutting the policy rate for the first time this cycle. The policymaker clearly wanted to focus on the good news for an economy coping with the highest policy rate in over twenty years. The sentiment applies to the global economic outlook.
