We have basically an optimal present economic situation, with solid growth and benign inflation.
We don't think we are going to have another recession ... We think there is enough stimulus in the pipeline, enough positive news in there to allow the economy to keep on a growth track for the next year.
Companies are looking to expand profits more now through sales growth than cost cutting.
The Fed is likely to acknowledge some dampening in growth from rising energy costs. But it will suggest the underlying economy is solid and although inflation has been in check recently, there are upside risks going forward,
The economy was pretty much firing on all cylinders, and the second quarter showed us still on a good growth track ... but oil prices pose a risk to growth and inflation.