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Deutsche Bank economists have upgraded their 2021/2022 forecasts for U.S. GDP growth on expectations of a bigger stimulus package in the world’s largest economy, a strategist at the German bank said on Wednesday.

“They’ve revised their baseline expectations for the next fiscal plan up from nearly $1 trillion to $1.6-1.7 trillion, with their 2021 growth forecast upgraded by 1.2 percentage points to 7.5% (Q4/Q4) and their inflation numbers pushed a bit higher too with risks on the upside,” Jim Reid added in a note.

He also said Deutsche Bank economists expect the Federal Reserve to announce a tapering of its bond buying programme at the December meeting with a clear signal of the timeline in August.