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Jefferies 2021 Outlook

US

Jefferies updated their 2021 eco-outlook after Wed's better than expected retail sales. "2021 growth now looks to be even more front-loaded than we previously thought. We now forecast Q1 growth of 9.5% (vs. 5.1%)."

  • The Fed's base case is for 4.2% growth, with strength skewed toward the second half. Expect significant upward revisions at the March and June FOMC meetings, as Fed officials incorporate the fiscal package and better incoming data.

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