otential growth DB Neutral rate estimates are consistent with: 0.6% Productivi -ty growth 0% 1.25% 1.75-2% Fed 2-2.25% 1.5% Source: CBO, Laubach and Williams (2003), FOMC, Deutsche Bank Research Pre-crisis* 3% 2% Note: (*) Avg. 1995-2005 Several of the reasons for a lower terminal rate ha