Housing Outlook Facing More Uncertainty; Rates Move Slightly Lower
Fannie Mae upwardly revised its GDP forecast for the year from 6.8 percent to 7.0 percent in its May report on economic development. The company's economists say first quarter growth was stronger than expected and the outlook for near-term consumer spending has improved. They have, however, revised their 2022 growth forecast down 0.2 point to 2.8 percent . They note that supply chain disruptions, labor scarcity, and inflationary pressures are increasing risks to future growth. The inflation forecast was revised upward, and they now expect the annual change will not fall below the Federal Reserve's long-run 2.0 percent target within the forecast time horizon. The authors tend to discount much of the 4.2 percent surge in the Consumer Price Index as due to "one-off" readjustments, with a 10.0
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