U.S. economic growth may quicken to more than 3 percent next year as consumers gain confidence and spend more on deferred purchases if Congress avoids the fiscal cliff, Deutsche Bank AG chief economist Peter Hooper said.
Peter Hooper, chief economist at Deutsche Bank Securities Inc., says there are "signs of bottoming" in the housing market. Hooper talks with Bloomberg's Ken Prewitt and Tom Keene on Bloomberg Radio's "Bloomberg Surveillance."
Deutsche Bank AG cut its global growth forecast to 2.9 percent for this year and 3.2 percent in 2013, citing stalled recoveries in the U.S. and Japan and planned American tax increases and spending cuts.
Federal Reserve Chairman Ben S. Bernanke sent bond yields a percentage point higher just by talking about adding stimulus at a slower pace. The rout serves as a warning to monetary policy makers that their exit from record accommodation won’t be easy to control.