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Fed’s Kaplan Sees US Economic Growth Accelerating in 2021

Fed talk last week was conflicting, as it often is. It reminds me of the oft quoted phrase by former Federal Reserve chairman Alan Greenspan, who reportedly said: “If I seem unduly clear to you, you must have misunderstood what I said.” Nevertheless, the takeaway from Fed comments last week appears that the U.S. economy continues to be on the mend. Yes it will be fits and starts, but the direction is right. That would seem to support the equity rally we’ve seen from lows.

For example, Dallas Federal Reserve President Robert Kaplan said America’s growth will accelerate in 2021—which we’ve been saying, by the way—as the coronavirus spread slows. “In ’21, we will see an above-trend growth, and we will continue to grind down the unemployment rate,” Kaplan said on CNBC’s “Closing Bell” on Tuesday. He believes the US will see a 4.5%-5% contraction in 2020.

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