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U.S. Markets Weekly – May 16- May 20, 2011
[private][private]Earlier this year, DE, the Fed, and many professional forecasters tempered GDP growth expectations for this year primarily because of the spike in oil prices. The concern was consumers, already fragile from a weak jobs market, who would now have to shell out $4 at the pump for a gallon of gasoline. In recent weeks, however, oil prices have retraced about $15 (on a WTI basis). Can we add back in the growth that was expected to be lost? Not really.