Toward Sustaining a Virtuous Cycle  Corporate Profits and Business Fixed Investment Ratio of Current and Operating Profits to Sales 7  Investment-GDP Ratio (Nominal)  s.a., % 17  Introduction of QQE  6  s.a., % Introduction of QQE  Ratio of current profits to sales Ratio of operating profits to sales  5  16  4 15 3 2  14  1 0 CY 85  90  95  00  05  10  15  13 CY 94 96 98 00 02 04 06 08 10 12 14 16 18  Note: In the left chart, figures exclude "finance and insurance."
Even so, pent-up consumption and full reopening are expected to more than offset fiscal headwinds in the second half such that PCE is expected to grow at a robust rate, and growth is expected to remain strong through the remainder of the year.