Dissenter from December

  • Some steepening of yield curve to be expected with strong economy
  • Pausing on rate hikes until midyear a modest proposal
  • Sees tax cuts adding 0.5% to GDP growth this year/total 0.8 over two years
  • Sees little long-run economic boost from tax cuts, expects 1.75% long-run GDP growth
  • Has not seen report on China's treasury buying plans, no strong opinion