Homebuilder Confidence at 18-Year High; Fannie Forecast Improves, Tax Bill Seen as Double-Edged Sword
Despite the disruptions from several hurricanes and an expected drag from trade in the fourth quarter, Fannie Mae says it expects 2017 to finish with higher growth than its own economists predicted, even last month. The company's forecast for economic growth this year, contained in its December Economic Developments report, was bumped up by one-tenth point from the previous quarter to 2.5 percent due to an upgraded third quarter GDP estimate, up 0.2 point to 3.3 percent annualized, and an expected solid fourth quarter. GDP growth is expected to decelerate to 2.1 percent for all of 2018. Of course, all bets must be hedged as Congress tries to reconcile the House and Senate versions of the tax cut, and Fannie Mae is doing so to theirs, saying they will wait to see the final bill before estimating
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