The federal government drastically upgraded its forecasted 2018 economic outlook Wednesday, saying the US economy was rising at a “solid” rate; an increase from its previous prediction of “moderate” growth.
According to CNBC, the Reserve released new data this week showing the GDP forecast rose to nearly 3%, up from the previous predictions of 2.7%.
“Economic activity has been rising at a ‘solid’ rate, the Fed’s statement said, marking an upgrade from ‘moderate’ in the previous statement. The central bank raised its benchmark short-term interest rate a quarter of a percentage point on Wednesday, and indicated two more hikes will likely come this year,” writes CNBC.
The strong economic data comes just hours after the US Treasury confirmed it had taken in a record-smashing tax haul in the first fiscal months of 2018; breaking previous highs by $50 billion in personal income tax.
Read the full report at CNBC.