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According to BMO Capital Markets analysts, the US economy downshifted late last year as fiscal & monetary stimulus faded, but consumers & businesses still appear to have enough gas left in the tank to support expansion for a while.

Key Quotes

“Real GDP grew 2.6% annualized in Q4, slowing from 3.4% in Q3. This was a little better than cons estimate, while matching our call.”

“For all of 2018, growth came in at 2.9%, while on a Q4/Q4 basis, econ grew 3.1%, fastest since 2005.”

“We estimate that a good one percentage point of the expansion was due to temporary fiscal boost.”