Via BofA:
You want to know what 6% growth feels like?
We have become increasingly convinced of the prospects for exceptional growth this year. We came into the year with an above-consensus forecast of 4.5% which was boosted to 5.0% upon the earlier passage of stimulus. As warned, we are taking another leap forward and forecasting 6.0% growth this year. The good news doesn’t end this year: we now expect 4.5% growth in 2022, up from our prior forecast of 3.0%. The growth trajectory will be hump-shaped this year with acceleration in 2Q and the peak growth rate reached in 3Q. This isn’t without risks: if the virus isn’t contained by the summer, our forecasts will prove too optimistic.