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Expectations for Economy, Housing Subdued in 2nd Half

Monday, August 24, 2015

Fannie Mae's economic team said on Monday that the economic outlook for the second half of 2015 is less upbeat than anticipated.  Second quarter economic growth came in lower than expected and a build-up in business inventories suggest that Fannie Mae's forecast for the third quarter was also too optimistic.  Even though Q1 growth was improved by later revisions, the full-year 2015 growth outlook remains at 2.1 percent.  Driving that growth will be consumer spending, housing and government spending.

The dollar will continue to weigh on manufacturing and trade and new declines in crude oil prices will create a headwind for the oil and gas sector.  Interest rate volatility will probably pick up as the September Fed Open Market Committee (FOMC) meeting approaches and international uncertainties, although they have lessened, remain downside risks.


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