U.S. Economy at Inflection Point to Faster Growth, Says BNY Mellon's Richard Hoey - KXNet.com - Bismarck/Minot/Williston/Dickinson-KXNEWS,ND

U.S. Economy at Inflection Point to Faster Growth, Says BNY Mellon's Richard Hoey

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SOURCE BNY Mellon and BNY Mellon Investment Management

Expects Eight Year Economic Expansion (2009-2017)

NEW YORK and LONDON, June 18, 2014 /PRNewswire/ -- Economic forecasts for 2014 are being marked down just as the pace of global and U.S. economic growth is at a positive inflection point to faster growth, according to BNY Mellon Chief Economist Richard Hoey in his most recent Economic Update. 

"The downward forecast revisions for 2014 reflect the mark-to-market of economic weakness which already occurred in the early months of this year," Hoey says.  "We believe that these mark-to-market economic revisions are occurring just as both global growth and U.S. growth are at an inflection point to a somewhat faster pace of growth than has prevailed over the last several years.  It is crucial to distinguish between the mark-to-market of what has already occurred and the prospects for growth over the next four to eight quarters, which should run at 3.5% to 4% for the global economy and close to 3% for the U.S. economy."    

Citing a positive inflection point, Hoey believes that U.S. real growth averaged close to 2% over the past five years and will increase to an average of about 3% over the next several years.  Hoey continues to expect a moderate but sustained economic expansion over the next several years in Europe, in the 1% to 1.5% growth range in 2014.

While China's economy has decelerated and the property sector is weakening, Hoey expects an orderly deceleration of trend growth rather than a major financial crisis and hard landing.

Hoey expects U.S. monetary policy to remain easy, resulting in what he believes should be a prolonged eight-year economic expansion (2009-2017), with a gradual rise in the Fed funds rate in late 2015 and 2016 followed by a more aggressive monetary tightening in 2017 or 2018 after the 2016 Presidential election. 

See https://www.bnymellon.com/us/en/our-thinking/foresight/economic-update,-june-2014-inflection-point-to-faster-growth.jsp for Hoey's complete Economic Outlook.    

Notes to Editors:

BNY Mellon Investment Management is one of the world's leading investment management organizations and one of the top U.S. wealth managers, with $1.6 trillion in assets under management. It encompasses BNY Mellon's affiliated investment management firms, wealth management services and global distribution companies. More information can be found at www.bnymellon.com.

BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets. As of March 31, 2014, BNY Mellon had $27.9 trillion in assets under custody and/or administration, and $1.6 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com, or follow us on Twitter @BNYMellon.

All information source BNY Mellon as of March 31, 2014. This press release is qualified for issuance in the UK, Europe and US and is for information purposes only. It does not constitute an offer or solicitation of securities or investment services or an endorsement thereof in any jurisdiction or in any circumstance in which such offer or solicitation is unlawful or not authorized. Any views and opinions contained in this document are those of the author as at the date of issue; are subject to change and should not be taken as investment advice. BNY Mellon Investment Management EMEA Limited and its affiliates are not responsible for any subsequent investment advice given based on the information supplied. This press release is issued by BNY Mellon Investment Management (US) and BNY Mellon Investment management EMEA Limited (ex-US) to members of the financial press and media and the information contained herein should not be construed as investment advice.  Past performance is not a guide to future performance.  The value of investments and the income from them is not guaranteed and can fall as well as rise due to stock market and currency movements.  When you sell your investment you may get back less than you originally invested. Registered office of BNY Mellon Investment Management EMEA Limited: BNY Mellon Centre, 160 Queen Victoria Street, London, EC4V 4LA. Registered in England no. 1118580. Authorized and regulated by the Financial Conduct Authority. A BNY Mellon Company. 

Contact:   

Patrice Kozlowski

Sarah Deutscher


+1 212 922 6030

+44 20 7163 2744


patrice.kozlowski@bnymellon.com

sarah.deutscher@bnymellon.com

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