Economics
Goldman Cuts U.S. GDP Forecast as Biden Economic Agenda in Doubt
- Ongoing inflation concerns make it unlikely the bill will pass
- Outcome would introduce some risk to March FOMC hike forecast
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Goldman Sachs Group Inc. cut its forecast for U.S. economic growth after Senator Joe Manchin rejected the Biden administration’s roughly $2 trillion tax-and-spend program, leaving Democrats with few options for reviving the economic agenda.
Goldman said in a research note Sunday that the likely failure of the Build Back Better legislation had prompted it to lower its real gross domestic product forecasts in 2022 to: