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Greg Braca, TD Bank head of Corporate and Specialty Banking, with the bank’s latest survey on housing and the economic recovery.
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Very that's yeah.
IUS economy -- -- gonna grow two point 1% this year and next.
With a recovering housing market is the main driver this is of course according to TD bank's latest economic outlook released first here on fox.
Joining us now for an exclusive interview it's -- -- TD bank's head of corporate specialty banking.
Two point 1% it's kind of anemic that isn't still.
A little bit unfortunately I wish we had better news to say that this was in keeping with our previous.
Forecast a quarter ago but it's actually a downward revision from two point seven we had.
After the first quarter that's really kind of an interesting feature that if you look at the first quarter last year and eleven in the first quarter and twelve.
Sort of had kind of similar qualities -- -- momentum some growth some positive vibes going on just to become a dashed a little bit the second quarter.
I think what we're looking at right now for our party is this is so much over -- in a number of areas.
We've got Europe we've got the fiscal cliff we've got the elections coming on where you know everyone's waiting on pins and -- about what's going on with the health -- release on.
From the Supreme Court on Thursday -- a lot of uncertainty.
For our business quite frankly what we see customers and clients doing his.
That really does translate into -- action corporate balance sheets of fat lot of liquidity in the market the people sitting on the sidelines.
Why -- we keeps.
Having this stage who all over again moment with you know as you mention good first quarter and then we fall off the cliff.
I just think there's just so much overhang globally between Europe between our own fiscal issues.
The political environment that's obviously not gonna be satisfied until -- number.
There's so many natural things that have been built up for number years I think we're gonna work -- we to a next couple quarters.
Relying on housing -- T even get to that two point 1% that's even a risk isn't it.
Well it is a little bit but I even -- destroy the update wells waiting in the green room will be here that we had some good numbers come out even -- April as far as rise in housing prices for April.
We -- for the first quarter we soar increase in stabilization in a lot of regions it is actually.
-- good thought that the downside to that though is there are a lot of foreclosures still to be I brought through the system.
Quite frankly they're -- a lot of delinquencies out there we -- continue to work it through the pipe.
Let's talk about -- not going away fiscal cliff unfortunately dangling as well.
How does the market play out with all this.
I think it's gonna be a wait and see until clearly we get past the November elections is just so much going on in quite frankly a lot of companies.
C -- flows CEOs boards of directors are taking a wait and see.
We did actually the last thirty days see a little uptick in some categories with some of our clients as far as strategic buyers rather than financial buyers -- companies.
Because balance sheets have been so fat.
But they certainly not a robust enough -- to make up for the rest of the market concerns.
Greg -- survey comes out tomorrow I mean I guess two point 1% is better than nothing at this point not not happy to -- we got revised down now -- -- what was seen overseas.
Glass half full grade market thank you very much Greg -- that a teen.
As we've got some breaking news Egan Jones downgrading Germany from double -- minus.
28 plus with a negative outlook and other ratings companies seeing German Chancellor Angela Merkel continues.
