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Economic Research

North America Focus: Growth Slowdown Preoccupies the Fed; Bank of Canada Takes It Slow

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12:38:00 PM | Last Updated

EXECUTIVE SUMMARY

Last week’s economic data highlight weakness in the U.S. housing market, as the distortions of the first-time homebuyer tax credit gradually wear off. We expect to see these withdrawal symptoms weighing on home prices in the coming months. In line with our theme of a year of two halves, the Conference Board leading indicator showed a negative print last week, and this week, we expect to see a 2.1% q/q gain in the Q2 2010 preliminary GDP estimate, well below the consensus forecasts of 2.5-3%. The Fed has been closely monitoring signs of a growth slowdown, and we[...]

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