America’s Move to Faster Growth
Now that the US economy is past the impact of the terrible weather earlier this year, output appears to be on track to grow at a healthy pace. But the Fed will face a key challenge in the next two years as it seeks to control inflationary pressure stemming from higher lending by commercial banks to businesses and households.
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CAMBRIDGE – Last December, I speculated that GDP growth in the United States would rise in 2014 from the subpar 2% annual rate of the previous four years to about 3%, effectively doubling the per capita growth rate. Now that the US economy is past the impact of the terrible weather during the first months of the year, output appears to be on track to grow at a healthy pace.