Spring Half-Day Conference (Virtual Session # 3)

Date May 26, 2021 12:00 pm - 1:30 pm
Speaker Tim Quinlan, Director and Sr. Economist - Wells Fargo Securities
Sponsor Wells Fargo
Location Virtual Meeting - Zoom (Information will be provided to registrants)

Session: 12pm - 1:30pm

Speakers: Tim Quinlan, Director and Sr. Economist - Wells Fargo Securities

Topic: The Awakening of the Service Economy and a Much Stronger 2021

Description: We have revised up our forecast for full-year GDP growth for 2021 to 6.4%.  That rate is not only above the consensus expectation, but if realized, it would mark the fastest pace of growth for the U.S. economy since 1984.  The remarkably fast development of several vaccines to beat back the virus and their swift deployment are key factors in the strength of the domestic economy.  So, too, is the fiscal policy response, which attempts to float the troubled parts of the private sector until a self-sustaining recovery could take hold.  The latest fiscal relief package is the catalyst for our latest upward revision, particularly to consumer spending.  For the vaccines, we owe a debt of gratitude to the global scientific community; for the fiscal policy relief, we owe government debt the likes of which this country has not seen since the Second World War.