/
15
UNITED STATES
SOME ASSUMED
FISCAL POLICY STIMULUS WILL CREATE
ADDITIONAL SHORT-TERM MOMENTUM,
WITH REAL GDP ACCELERATING FROM 1.6%
IN 2016 TO 2.1% IN 2017 AND 2.3% IN 2018
THE
U.S. 10-YEAR TREASURY
YIELD HELD STEADY AT
2.2% IN THE SECOND QUARTER
CANADA
IS BEING FUELED BY THE FORCES OF ACCOMMODATIVE
POLICY, FIRMING OIL PRICES, AND STRONGER GLOBAL DEMAND.
DOWNSIDE RISKS REMAIN, MOST NOTABLY ELEVATED HOME PRICES
MEXICO
, THE SECOND LARGEST ECONOMY IN LATIN AMERICA, IS PROJECTED
TO GROW IN THE NEIGHBORHOOD OF 2% FOR THE NEXT FEW YEARS
BRAZIL
IS SHOWING SIGNS OF EMERGING FROM ONE OF ITS DEEPEST RECESSIONS; REAL
GDP SHOULD EXPAND MODESTLY THIS YEAR (0.2%) AND MORE SUBSTANTIALLY NEXT
YEAR (2.8%)
CANADA
DOWNSIDE RISKS REMAIN, MOST NOTABLY ELEVATED
HOME PRICES (PARTICULARLY IN TORONTO AND VANCOUVER)
AND RECORD HOUSEHOLD DEBT.