The economy isn’t going to do what Trump wants, banks say

Wall Street is not convinced the incoming Trump administration will immediately reignite the US economy’s afterburners.

While President-elect Donald Trump is promising to increase US gross domestic profit to 5 percent to 6 percent from its current 2 percent level, Wall Street banks are forecasting that, at least in its first year, a Trump White House will fall short of its goal.

JPMorgan Chase is predicting a 1.9 percent growth rate next year. Others are a bit more bullish: Wells Fargo predicts 2.1 percent growth and Goldman Sachs says it will grow at about 2.25 percent.

Read on.

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