* * * For the first time in many years, we are seeing signs of synchronized economic expansions at home and abroad, and the balance of risks globally has become more positive. Recent data suggest that the underlying momentum of the domestic expansion remains solid.
While U.S. consumption was weak in the first quarter of 2017, the data so far are consistent with a rebound in the current quarter. Moreover, financial conditions remain supportive of continued economic expansion despite some recent volatility.1 The ongoing progress in bringing Americans back into productive employment is especially heartening.