Big Picture: We have raised our 2014 GDP growth forecasts for the eurozone (from 1.0% to 1.3%) and for the US (from 3.0% to 3.2%). While the revisions are small, this is the first increase in a very long time. The main reason for a higher growth forecast for the eurozone is reduced austerity. In the US, tax increases at the start of the year have had less impact on consumer spending than feared, while banks are easing lending criteria, paving the way for stronger credit growth.
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