“Now, with the U.S. moving away from central bank dominance toward some degree of fiscal dominance, for the leap of faith to truly pay off, Washington must promote growth in a way that permanently alters the U.S. growth trajectory. To do so, the U.S. must overcome headwinds from demographics and indebtedness and increase its productivity. This is a big undertaking, requiring a focus on the long-term drivers of growth such as education and investment.” – Tony Crescenzi

More at PIMCO blog

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