The US economy made a very subdued start to 2015. Just like the disappointing start to 2014, this is likely to be nothing more than a slip-up, as special factors were also at play. It would appear that these factors are partly responsible for the fact that the positive impact of lower oil prices has not yet fully come to fruition. Provided that economic momentum picks up over the next few quarters, driven in particular by private consumption, the US economy can still achieve growth of 2.5% by Q4 2015, as indicated by the Fed in its macroeconomic projections in March. In its latest statement on monetary policy decisions, the Federal Reserve also points to "transitory factors" as having contributed in part to the slowdown in growth. The Fed continues to expect favorable development in the economy, the labor market and inflation. Although the Fed is likely to continue to adopt a "wait and see" policy for the time being, initial key rate corrections are still likely to come this year.
