J.P Morgan lifts US GDP growth outlook after budget deal

J.P. Morgan on Friday raised its outlook on US economic growth in 2018 and 2019 in the wake of a wide-ranging deal that will increase federal government spending and its budget deficit to the area of $1 trillion a year. Michael Feroli, an economist at the largest US bank by assets, said in a research note that gross domestic product would grow by 2.6 percent in 2018, up from a prior estimate of 2.2 percent, while US GDP in 2019 would expand by 1.9 percent versus a previous projection of 1.6 percent.