Merrill chief economist Bruce Steinberg revised his forecast upwards and predicted that the US economy will grow at a rate of 'close to 6%' in the first quarter. Salomon also expects first quarter growth to be higher than they first predicted at around 5%.
The last time the US economy performed this well was in the second quarter of 2000.
Merrill And Salomon Bullish
Both Merrill Lynch and Salomon Smith Barney confirmed on Monday that they feel the US economy is coming out of recession much more quickly than originally anticipated.
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