5.5 Source: Deutsche Bank Research, Haver Analytics LP, Federal Reserve 93 94 95 96 98 99 00 01 03 04 05 06 08 09 10 11 13 14 15 Neutral rate from Laubach Williams model US fiscal drag (CBO estimate, rhs) Source: Deutsche Bank Research, Haver Analytics LP, Federal Reserve, CBO Even if the risks are geared tow