o around 1.5% before seeing it rebound to around 2.3% in H2 and then 2.5% in 2018 as the fiscal stimulus feeds through. Various Fed members, notably Bill Dudley of the NY Fed, have said this year that a stronger USD would have an impact on monetary policy. So to some extent we see USD strength as self-limitin

Francisco Fed President, 21 November "It is quite possible that the conditions (_) to begin to normalize monetary policy could soon be satisfied." Bill Dudley, New York Fed President, 12 November "I'm comfortable with moving off zero soon." Dennis Lockhart, Atlanta Fed President, 19 November 3 Economists