As the US continues its economic recovery from its pandemic lows, we believe momentum will sustain the US economy through a difficult 1H 2021 to lift GDP growth to 3.10% this year.

We have upgraded our near-term economic outlook on the US economy, as some encouraging economic data has come out recently. However, the ongoing COVID-19 crisis, including recent spikes in cases throughout the country, ongoing social distancing measures, international and domestic tensions, and the threat of a return of lockdowns means investors should not get too complacent.