U.S. Economic Outlook · Economic Outlook 9 Interest Rates The Fed is expected to hike rates two more times this year, bringing the fed funds rate closer to a more “normal” level

U.S. Economic Outlook

Charlie Dougherty, Vice President & EconomistSeptember 18, 2018

Economic Outlook 2

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2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020

U.S. Real GDP Bars = CAGR Line = Yr/Yr Percent Change

GDP - CAGR: Q2 @ 4.2%GDP - Yr/Yr Percent Change: Q2 @ 2.9%

Forecast

Economic Growth Expected to Accelerate in 2018

After a slow start, real GDP rebounded strongly in the

second quarter.

We expect the economy to continue to expand and grow nearly 3 percent for the year.

Source: U.S. Department of Commerce and Wells Fargo Securities

Economic Outlook 3

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U.S. Nonfarm Employment ChangeChange in Employment, In Thousands

Monthly Change: Aug @ 201K12-Month Average Change: Aug @ 194K

Employment Situation: Employment Growth Strong

Hiring has had a strong start to the year, continuing the steak of

90+ months of positive gains.

Source: U.S. Department of Labor and Wells Fargo Securities

Economic Outlook 4

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78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18

Unemployment v. Labor Force Participation16 Years and Over, Seasonally Adjusted

Unemployment Rate: Aug @ 3.9% (Left Axis)Labor Force Participation Rate: Aug @ 62.7% (Right Axis)

Employment Situation: Tightening Labor Market

The unemployment rate has fallen considerably over the

course of the recovery.

Strong employment growth has also helped counter the

downward pressure on labor force participation from an

aging population.


Economic Outlook 5

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97 99 01 03 05 07 09 11 13 15 17

Average Hourly Earningsvs. Atlanta Fed Wage Growth Tracker; 3-MMA of YoY % Chg.

Atlanta Fed Wage Growth Tracker: Jul @ 3.3%Average Hourly Earnings (Prod. & Supervisory): Jul @ 2.7%Average Hourly Earnings (Total Private): Jul @ 2.7%

Workers’ Earnings Drift Upward

Wage growth has picked up modestly but remains a missing

piece to the recovery thus far.

Earnings have been limited by lower-skilled workers entering

the workforce and Baby Boomers beginning to retire.

Source: U.S. Department of Labor, Federal Reserve Bank of Atlanta and Wells Fargo Securities

Economic Outlook 6

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00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18

Real PCE vs. Real Disposable IncomeYear-over-Year Percent Change

Real PCE: Jul @ 2.8%Real Disposable Income: Jul @ 2.9%

Income Growth

Stronger employment and wage growth has boosted incomes and supported consumer spending.


Economic Outlook 7

Consumers

The recovery in household wealth has helped to fuel consumer confidence and

spending

Source: Federal Reserve Board, Conference Board and Wells Fargo Securities

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90 93 96 99 02 05 08 11 14 17

Household Net Worth vs. Consumer ConfidenceThousands of 2009 Dollars, Index

Real Per Capita Net Worth: Q1 @ $270,797.6 (Left Axis)Consumer Confidence: Q2 @ 126.9 (Right Axis)

Economic Outlook 8

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2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020

PCE Deflator & "Core" PCE DeflatorYear-over-Year Percent Change

PCE Deflator : Q2 @ 2.2%"Core" PCE Deflator: Q2 @ 1.9%

Forecast

Inflation

Inflationary pressures have increased recently and are now

at the Fed’s 2 percent benchmark.


Economic Outlook 9

Interest Rates

The Fed is expected to hike rates two more times this year, bringing the fed funds rate closer to a more “normal” level and flattening the yield curve.

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2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020

Federal Funds Target RateUpper Bound, Percent

Federal Funds: Q2 @ 2.00%

Forecast

Source: U.S. Department of Commerce, Freddie Mac and Wells Fargo Securities

Interest RatesMonetary Policy

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Wells Fargo Rates ForecastThrough 2020

Q4 2020Q4 2019Q4 2018

Economic Outlook 10

Federal Fiscal Policy Outlook

Key Tax Law Changes

Individual Tax Code Changes• Bill slashes marginal tax rates across the

board• Limits state & local income and property

tax deductions to $10,000• Pass-throughs would be allowed to deduct

up to 20 percent of income• Doubles the standard deduction and the

child tax credit• Caps mortgage interest deduction at $750K• Doubles the estate tax exemption• Keeps the Alternative Minimum Tax (AMT)

but lifts the threshold to $500K• Maintains several deductions including

medical expenses, student loans and private activity bonds (PABs)

• Repeals Obamacare individual mandate• Individual cuts expire on December 31,

2025

Business Tax Code Changes• Permanently reduces the corporate tax

rate to 21% from the current 35% federal rate starting in 2018

• Corporate AMT repealed• Business interest expense deductions

are capped at 30 percent of EBITDA for 4 years and 30 percent of EBIT thereafter

• The bill allows for full and immediate expensing of business capital investments. This provision expires in five years.

• Ends the current worldwide corporate tax system by switching to a territorial system. Existing profits held abroad are taxed at 15.5 percent for cash and cash equivalents and 8 percent for reinvested foreign earnings.

Economic Outlook 11

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FY 2014/2015 FY 2016/2017 FY 2018/2019

Increase in BCA Budget Caps Billions of USD

Defense SpendingNondefense Spending

Federal Fiscal Policy Outlook

The budget deal reached in February provides additional

fiscal stimulus to the U.S. economy

Source: Congressional Budget Office and Wells Fargo Securities

Economic Outlook 12

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U.S. Federal Budget BalanceBillions of Dollars

Federal Budget Balance: FY 2017 @ -$665.8BWF Forecast: FY 2018 @ -$775.0B

Budget Deficit

The Tax Cuts and Jobs Act, budget deal and mandatory spending have the deficit on

track to breach $1 trillion while the economy is still in an

expansion

Source: U.S. Department of the Treasury and Wells Fargo Securities

Economic Outlook 13

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2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020

Real Business Fixed InvestmentBars = CAGR Line = Yr/Yr Percent Change

Non-Res Fixed Invest - CAGR: Q2 @ 8.6%

Non-Res Fixed Invest - Yr/Yr Percent Change: Q2 @ 7.0%

Forecast

Business Investment

Business fixed investment growth should be bolstered by

tax reform, an area that has lagged outside of the tech and

energy sector.


Economic Outlook 14

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92 94 96 98 00 02 04 06 08 10 12 14 16 18

ISM Manufacturing Index & Real GDPIndex, 3-Month Moving Average, Year-over-Year Percent Change

ISM Manufacturing Index: Aug @ 59.9 (Left Axis)Real GDP, Year-over-Year Percent Change: Jun @ 3.0% (Right Axis)

Business Activity

Underlying manufacturing activity continues to look strong,

supporting the case for solid economic momentum.

Source: Institute for Supply Management and Wells Fargo Securities

Economic Outlook 1515

Small Business Optimism

Small business optimism spiked following the presidential election and remains at an all time high. Business owners have become much less worried about the regulatory environment.

Source: National Federation of Independent Business (NFIB), Office of Information and Regulatory Affairs and Wells Fargo Securities

Small Business ConcernsSmall Business Optimism

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88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18

NFIB Small Business OptimismOverall Index 1986 = 100

Small Business Optimism: Jul @ 107.9

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94 96 98 00 02 04 06 08 10 12 14 16

Major New Regulatory Changes Number of Rules Reviewed By the OIRA Each Year

Clinton ObamaBush Trump

15

Economic Outlook 16

Global Growth

Global growth continues to be solid. Although many central banks have started to hike rates, monetary policy remains accommodative, which should keep the global expansion intact.

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1980 1985 1990 1995 2000 2005 2010 2015

Real Global GDP GrowthYear-over-Year Percent Change, PPP Weights

Period Average

WFForecast

Source: International Monetary Fund, Federal Reserve Board and Wells Fargo Securities

The DollarGlobal Growth

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Trade Weighted DollarMajor Currency Index, 1973 = 100

Trade Weighted Dollar: Q2 @ 90.0

Forecast


Trade

Source: International Monetary Fund, OECD, United Nations, U.S. Department of Commerce and Wells Fargo Securities

U.S. Industry ExposureU.S.-China Export Exposure

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U.S. China

Bilateral Export ExposurePercent

Percent of Total Exports (2017)Percent of Value Add (2016)

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Ag. & OtherPrimary Products

AerospaceProducts/Parts

Motor VehiclesProducts/Parts

Chemicals

Exports by IndustryChina Share of Exports vs. Exports Share of Gross Output, 2016

Exports to China/Total ExportsExports Share of Gross Output

Trade tensions continue to escalate. China appears to have more to lose if a full-blown trade war were to develop, but such an event would not be costless for the United States

Economic Outlook 18

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66 69 72 75 78 81 84 87 90 93 96 99 02 05 08 11 14 17

U.S. Homeowners vs. RentersPercent; Annual Change in Occupied Units, In Thousands

Renters: 2017 @ -183.7K (Right Axis)Homeowners: 2017 @ 1,109.3K Right Axis)Homeownership: 2017 @ 64.2% (Left Axis)

Household Formation

Household formation has improved over the past few years but generally remains

below prior decades. Still, the homeownership rate appears to

be reversing course.


Economic Outlook 19

Home Sales

Low inventories and high prices have restrained sales so far in

2018. Demand should continue to be strong and keep activity

trending higher.

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Existing & New Single-Family Home SalesBoth Series in Millions of Units, Seasonally Adjusted Annual Rate

New Home Sales: Jul @ 0.6 Million (Left Axis)SF Existing Home Sales: Jul @ 4.8M (Right Axis)

Source: National Association of Realtors, U.S. Department of Commerce and Wells Fargo Securities

Economic Outlook 20

Lack of Inventory Pushing Prices Higher

Although starting to rise, mortgage rates are still relatively cheap. More of an issue is the shortage of inventory pushing up prices, especially in the West where shortfalls are most acute.

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10.7%8.3%

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0% 2% 4% 6% 8% 10% 12% 14%

Las VegasSeattle

San FranciscoDenver

Los AngelesPhoenixBoston

San DiegoTampa

MinneapolisDetroit

PortlandCharlotte

AtlantaDallasMiami

ClevelandNew York City

ChicagoWashington, D.C.

C-10C-20

National HPI

S&P CoreLogic Case-Shiller Home PricesYear-over-Year Percent Change, NSA

June 2018

Source: U.S. Department of Commerce, Freddie Mac and Wells Fargo Securities

Mortgage RatesHome Prices

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Mortgage Payment vs. Mortgage RatePrincipal & Interest Payment as a Percent of Income

6 Month Moving Average: Jun @ 16.9% (Left Axis)Mortgage Payment as Percent of Income: Jun @ 18.5% (Left Axis)30-Yr. Conventional Mortg. Rate: Jul @ 4.53% (Right Axis)

Economic Outlook 21

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Housing StartsMillions of Units

Multifamily StartsMultifamily ForecastSingle-Family StartsSingle-Family Forecast

Forecast

Single-Family Starts Are Gaining Momentum, as Apartments Begin to Moderate

The housing market is at a key turning point where the

momentum will shift more toward single-family

construction.



Housing Permits

Houston & Dallas continue to be the leader in single-family housing permits. Multifamily construction is concentrated in large cities, however is spreading towards smaller and more

affordable markets.


MultifamilySingle Family

0 5 10 15 20 25

Jacksonville, FL

Los Angeles, CA

Riverside, CA

Raleigh, NC

Denver, CO

Nashville, TN

Tampa, FL

Washington, D.C.

Charlotte,NC

Orlando, FL

Austin, TX

Phoenix, AZ

Atlanta, GA

Dallas, TX

Houston, TX

Single-Family Housing Permits by MSAYear to Date, Total Number of Permits in Thousands

June 2018

0.0 5.0 10.0 15.0 20.0

Tampa, FL

Houston, TX

Boston, MA-NH

Washington, DC-VA-MD-WV

Phoenix, AZ

San Francisco, CA

Austin, TX

Atlanta, GA

Chicago, IL-IN-WI

Miami, FL

Seattle, WA

Denver, CO

Los Angeles, CA

Dallas, TX

New York, NY-NJ-PA

Multifamily Housing Permits by MSAYear to Date, Total Number of Permits in Thousands

May 2018

Economic Outlook 23

Construction Constraints: Higher Costs

Tariffs on lumber and steel have pushed up prices, however strong demand has caused building material prices to rise across the board. A shortage of skilled labor is putting upward

pressure on overall construction wages.

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Construction, Lumber & Steel PricesYear-over-Year Percent Change, 3-Month Moving Average

Softwood Lumber: Jul @ 19.3%Steel Mill Products: Jul @ 11.7%Construction Materials: Jul @ 7.8%


Higher Labor CostsHigher Material Prices

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Employment Cost Index: ConstructionYear-Over-Year Percent Change

Employment Cost Index: Construction: Q2 @ 3.2%

Texas Outlook

Wells Fargo Economics 25

Year-over-Year Employment Growth: July 2018

The West Coast is growing solidly, led by

the gains in the tech sector. The Southeast is

also doing well thanks to a relatively low cost of

living.


Wells Fargo Economics

Employment Growth by MSA

Boston

Atlanta

Miami

Los Angeles

San Francisco

Dallas

Houston

Philadelphia

Charlotte

Seattle

Chicago

Minneapolis

San Diego

TampaSt. Louis

Baltimore

New York

San Jose

Las Vegas

Washington, D.C.Richmond

Detroit

Phoenix

-1%

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0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5%

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hang

e

Year-over-Year Percent Change

U.S. Employment Growth by MSA3-Month Moving Averages, July 2018

Percent of Total EmployeesLess than 4%4% to 6%More than 6%

Expanding

Decelerating


Economic Outlook 27

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Texas Real GDP Growth vs. U.S. Year-over-Year Percent Change

Texas: Q1 @ 4.2%United States: Q1 @ 2.6%

Texas GDP

The Texas economy regained a lot of ground in 2017, rebuilding

momentum lost following the plunge in oil prices around the

middle of the decade.



Texas Employment

The Texas job market is back to firing on all cylinders. Recent improvement have been broad-based across many industries and regions, which should keep payroll growth strong.


Employment by IndustryEmployment

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Texas Nonfarm Employment3-Month Moving Averages

QCEW: Yr/Yr Pct. Change: Mar @ 2.0%Nonfarm: Yr/Yr Pct. Change: Jul @ 3.0%United States: Aug @ 1.6%

July 2018

-5% 0% 5% 10% 15% 20%

Information

Nat. Res. and Mining

Other Services

Construction

Financial Activities

Manufacturing

Leisure & Hospitality

Prof. & Bus. Svcs.

Educ. & Health Services

Government

Trade, Trans. & Utilities

Total Nonfarm

Texas Employment Growth By IndustryYear-over-Year Percent Change, 3-MMA

Number of Employees

Less

More


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Texas Unemployment RateSeasonally Adjusted

Texas Unemployment Rate: Jul @ 4.0%12-Month Moving Average: Jul @ 4.0%

Unemployment Rate

The Texas jobless rate has recovered from the upward

spurt caused by the oil downturn, and now sits at a near

record low. A tightening labor market has caused a shortage of

skilled workers.

Source: Baker Hughes, Inc., Bloomberg LP and Wells Fargo Securities

Economic Outlook 30

Texas Employment by Metropolitan Area

Corpus Christi

College Station

Beaumont

Houston

San Antonio

Dallas

Longview

AustinBrownsvilleMcAllen

Waco

El Paso

Fort Worth

Lubbock

Amarillo

Killeen

Tyler

Laredo

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MM

A)

Year-over-Year Percent Change

Texas Employment Growth by Metro3-Month Moving Averages, July 2018

Total Nonfarm EmploymentMore Than 2.5 Million1 - 2 Million150 - 320 ThousandLess than 150 Thousand

Recovering Expanding

Contracting Decelerating

Source: U.S. Department of Labor, U.S. Dept. of Commerce and Wells Fargo Securities


0 10 20 30 40 50 60 70

Dallas-Fort Worth, TXPhoenix, AZ

Tampa, FLAtlanta, GA

Charlotte, NCAustin, TX

Las Vegas, NVSan Antonio, TX

Orlando, FLRiverside, CA

Seattle, WAJacksonville, FL

Nashville, TNRaleigh, NC

Portland, ORSacramento, CA

Columbus, OHDenver, CO

Kansas City, MOMinneapolis, MN

Metro Area Net Domestic Migration: Top 20Thousands, 2017

Net Migration

Several Texas metros continue top the list of destinations for

state-to-state movers.


Economic Outlook 32

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Energy Extraction-Related Jobs and Active Rigs: TXThousand Jobs, Baker Hughes Rotary Rig Count

Mining, metal & machinery manuf.: Jul @ 481K (Left Axis)Active rotary rigs: Jan @ 525 (Right Axis)

Energy Sector

The rebound in commodity prices since early 2016 has supported new investment

spending. However, extraction-related employment has not returned to prior peak levels.


Economic Outlook 33

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Dallas Fed Manufacturing ActivityDiffusion Index

Dallas Fed Outlook of General Business Activity: Jun @ 36.5

Manufacturing

Texas manufacturers continue to report expanding activity,

however tariffs and uncertainty surrounding trade policy are

creating headwinds.

Source: U.S Department of Commerce and Wells Fargo Securities

Economic Outlook 34

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Texas ExportsIn Millions of Dollars

Exports: Q2 @ $80,673.8Year-over-Year Percent Change: Q2 @ 24.3%

Exports

Firmer commodity prices are also boosting exports, as oil and gas exports nearly doubled last year. Trade is vital to the Texas

economy, with exports accounting for roughly 15 percent of total economic

output.



Tech and Financial Activities

Tech sector employment has moderated recently, with stronger growth outside of Austin. Financial activities employment also continues to expand at a pace ahead on the nation.


Financial ActivitiesTech Sector

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Professional, Scientific and Tech EmploymentYear-over-Year Percent Change, NSA

Austin: Jul @ 3.0%Rest of Texas: Jul @ 4.4%

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00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18

Financial Activities Employment GrowthYear-over-Year Percent Change, 3-Month Moving Average

United States: Jun @ 1.5%Texas: Jun @ 2.5%

Economic Outlook 36

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90 92 94 96 98 00 02 04 06 08 10 12 14 16 18

Texas Housing PermitsThousands of Permits, Annual Rate

Single-Family: May @ 138,636Single-Family, 12-MMA: May @ 119,364Multifamily, 12-MMA: May @ 57,211

Single-Family Average (1998-2003): 110,689

Texas Housing

Homebuilding moderated somewhat last year, however

Texas remains the largest market for new residential construction, supported by

strong employment and population growth.


Economic Outlook 37

33%

14%

13%

12%

10%

8%

7%

6%

5%

4%

-1%

-4%

-13%

-25% -5% 15% 35%

Beaumont

Houston

Forth Worth

Austin

McAllen

Texas

United States

Dallas

Midland

Brownsville

San Antonio

Corpus Christi

El Paso

Texas Building PermitsYear-over-Year Percent Change of 12-Month Moving Average

July 2018

Housing Activity by Metro

Houston, Dallas, and Austin continue to lead both the state

and nation in terms of new homebuilding.



Texas Home Prices

Housing affordability is a major advantage for Texas. Relatively low land costs and an entitlement process that works closely with builders helps keep the housing market in balance.

Source: CoreLogic and Wells Fargo Securities

Home Price Growth by MSAHome Price Index

40

60

80

100

120

140

160

180

200

220

40

60

80

100

120

140

160

180

200

220

90 92 94 96 98 00 02 04 06 08 10 12 14 16 18

CoreLogic HPI: TX vs. U.S.Index, 2000=100, Not Seasonally Adjusted

United States: Jul @ 203.6

Texas: Jul @ 187.4

8.7%

6.8%

6.2%

5.5%

5.4%

5.4%

4.9%

4.6%

4.1%

3.4%

3.4%

0% 2% 4% 6% 8% 10% 12% 14%

Fort Worth DMSA

San Antonio

U.S.

Dallas DMSA

Houston

Texas

El Paso

Austin

McAllen

Midland

Corpus Christi

Core Logic Home PricesYear-over-Year Percent Change

July 2018

Economic Outlook 39

80

90

100

110

120

130

140

80

90

100

110

120

130

140

82 85 88 91 94 97 00 03 06 09 12 15 18

Texas Leading Economic IndexIndex, 1987= 100, Seasonally Adjusted

Texas Leading Index: Jan @ 129.9

Texas Outlook

Texas has strong momentum headed into the second half of

2018 and we are looking for Texas to continue to grow

solidly over the next couple of years.

Source: The Federal Reserve Bank of Dallas and Wells Fargo Securities

Appendix

Economic Outlook 41

U.S. Economic Forecast

Wells Fargo U.S. Economic Forecastq 3 2 01 8

2018

2016 2017 2018 20191Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

Real Gross Domestic Product 1 2.2 4.2 3.1 2.8 2.6 2.9 2.6 2.4 2.2 2.0 1.9 1.8 1.6 2.2 2.9 2.8Personal Consumption 0.5 3.8 2.9 2.8 2.2 2.9 2.6 2.5 2.1 2.2 1.8 1.7 2.7 2.5 2.6 2.7Business Fixed Investment 11.5 8.5 6.8 5.1 4.7 4.9 4.4 4.0 3.7 3.6 2.9 2.8 0.5 5.3 7.4 5.2

Equipment 8.5 4.4 6.9 4.3 3.8 4.2 3.7 3.1 2.7 2.6 2.1 2.0 -1.5 6.1 7.7 4.3Intellectual Property Products 14.1 11.0 7.1 5.2 4.8 5.3 4.7 4.6 4.7 4.6 3.7 3.6 7.5 4.6 7.5 5.6Structures 13.9 13.2 7.0 7.0 6.5 6.0 5.5 5.0 4.5 4.0 3.5 3.5 -5.0 4.6 6.8 6.7

Residential Construction -3.4 -1.6 2.0 4.0 5.5 5.0 4.5 4.0 3.5 3.0 2.5 2.0 6.5 3.3 0.9 4.0Government Purchases 1.5 2.4 3.4 2.9 2.2 1.4 0.8 0.7 0.7 0.5 0.3 0.1 1.4 -0.1 1.7 2.1Net Exports 2 0.0 1.2 -1.2 -0.6 -0.3 -0.5 -0.3 -0.2 0.0 -0.2 0.1 0.1 -0.4 -0.4 -0.2 -0.4Inventories 2 0.3 -1.0 1.2 0.1 0.1 0.2 0.1 0.0 0.0 0.0 0.0 0.0 -0.6 0.0 0.0 0.2

Nominal GDP 1 4.3 7.6 4.6 5.0 5.3 5.5 5.2 4.8 4.4 4.3 4.0 4.4 2.7 4.2 5.2 5.3Corporate Profits Before Taxes 3 5.9 7.7 8.0 6.2 5.6 1.8 0.5 -0.8 -1.6 -2.2 -2.6 -3.4 -1.1 3.2 6.9 1.7

Forecast as of: September 12, 20181 Compound Annual Growth Rate Quarter-over-Quarter 2 Percentage Point Contribution to GDP 3 Year-over-Year Percentage Change

Forecast2020

Actual2018

Forecast2019

Actual

Source: IHS Global Insight and Wells Fargo Securities

Economic Outlook 42

Economic Outlook Group Publications

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economicsemail

A Sampling of Our Recent Special, Regional & Industry Commentary

Date Title AuthorsU.S. Macro

August-10 Recession Update: Should We Worry? IqbalAugust-07 Tax Reform 2.0: The Sequel Bryson, Pugliese & KinnamanAugust-03 The Animal Spirits Index A Update Iqbal & VaiseyAugust-01 FOMC Remains on Hold, But More Rate Hikes Clearly on the Way BrysonAugust-01 The Low-Skill Labor Crunch House & Vaisey

U.S. RegionalAugust-06 Colorado Economic Outlook: August 2018 Vitner

July-19 California Payrolls Flat in June Vitner & DoughertyJuly-19 Solid Gain for Texas Payrolls in June Vitner & DoughertyJuly-19 North Carolina Job Growth Picked Up Considerably in June Vitner & DoughertyJuly-19 Florida Employment Ramps Up in June Vitner & Dougherty

Global EconomyAugust-10 In Japan, Still Waters Merit Attention to Any Ripple QuinlanAugust-10 U.K. Mid-Year Economic Outlook Bryson & Kinnaman

July-31 Taiwanese GDO Growth Tops Expectations in Q2 Bryson & PuglieseJuly-31 Eurozone Mid-Year Economic Outlook Bryson & KinnamanJuly-30 Swedish GDP Grew Strongly in Q2-2018 Bryson

Interest Rates/Credit MarketAugust-01 Corporate Loans in a World of Rising Rates Silvia & Vaisey

July-25 Household Balance Sheets Remain Solid in Q1 Silvia & KinnamanJuly-18 Is Credit Growth Driving Economic Growth? Silvia, Iqbal, Kinnaman & SeeryJuly-11 The Flattening Yield Curve: To Worry or Not to Worry? Silvia, Iqbal & SeeryJune-27 Rising Rates and Corporate Balance Sheets: The Long View Silvia & Kinnaman

Real Estate & HousingAugust-09 Housing Remains in the Slow Lane Vitner, Dougherty & HonnoldJune-29 Housing Chartbook: June 2018 Vitner & DoughertyJune-12 Q1 CRE Chartbook: Property Prices Vitner, Dougherty, Carmichael & VaiseyMay-02 Tax Reform: Regional Real Estate Impact Vitner & DoughertyApril-19 Southern States: 2018 Economic Outlook Vitner, Feik & Carmichael

To view any past research please visit: www.wellsfargo.com/economics

Recent Special Commentary

Economic Outlook

Wells Fargo Securities Economics Group

43

Documents

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