DoubleLine’s Ken Shinoda welcomes Michelle Meyer, managing director and head of U.S. economics at Bank of America Global Research, to Channel 11 News for a talk about exceptional U.S. economic growth in the first quarter, short- and long-term expectations for inflation, and the outlook for home price appreciation as COVID-19 lockdowns continue to ease in many parts of the country. This episode was recorded April 29, 2021. Ms. Meyer says BofA Global Research is quite bullish on the economy’s growth, noting that when the pandemic-impacted business cycle is reviewed, “it will likely end up being one of the steepest declines, one of the shortest recessions and probably one of the fastest recoveries.” She and Mr. Shinoda discuss the strong position households are in, buoyed by federal stimulus that has translated to a very high savings rate by consumers, especially compared to during the Global Financial Crisis. Mr. Shinoda wonders if consumers have become addicted to stimulus and how that will affect the pace of spending. Even without additional transfer payments, Ms. Meyer says, there are a lot of savings to be tapped, and that will continue to feed a positive economic loop.
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