Monday, January 2, 2017
The economy isn’t going to do what Trump wants, banks say
At NYPOST by Kevin Dugan --
Wall Street is not convinced the incoming Trump administration will immediately reignite the US economy’s afterburners.
While President-elect Donald Trump is promising to increase US gross domestic profit to 5 percent to 6 percent from its current 2 percent level, Wall Street banks are forecasting that, at least in its first year, a Trump White House will fall short of its goal.
JPMorgan Chase is predicting a 1.9 growth rate next year. Others are a bit more bullish: Wells Fargo predicts 2.1 percent growth and Goldman Sachs says it will grow at about 2.25 percent.
As for the S&P 500, Wall Street sees the popular index finishing 2017 up just slightly — well below the 9.5 percent gain in 2016 and the 7 percent average gain.