PLEASE NOTE: In the next few months, Squire Patton Boggs will take over publication of “Our Perspectives.” “Our Perspectives” will continue to include The Longbrake Letter, commentary from the members of Barnett Sivon & Natter, who also serve as counsel in Squire Patton Boggs, as well as commentary from lawyers in Squire Patton Boggs. To continue to receive “Our Perspectives”, you must subscribe here: Subscribe to "Our Perspectives".

Editor's Note: This is a monthly publication on economic trends and financial policy issues. In this publication you can read "The Longbrake Letter", an analysis of economic trends and conditions written by Bill Longbrake, as well as commentary on financial regulation and policy written by members of the law firm Barnett, Sivon & Natter, P.C., a Washington, DC based law firm that specializes in financial services law. The lawyers in the firm are also counsel to the international law firm, Squire Patton Boggs.

ISSUE: #93, May 2018

The Longbrake Letter—Assessment of the 2018 Outlook
- Bill Longbrake

U.S. and global growth continues to be strong and exceeds potential. The May Outlook Assessment evaluates U.S. and global 2018 forecasts made at the beginning of the year. Practically all economies are growing above potential and slack has already disappeared or is disappearing rapidly. However, recent U.S. and global data have been a bit softer than expected, which might mean that acceleration in momentum is waning.

The Longbrake Letter
- Bill Longbrake

Optimism abounds. Best to enjoy the good times now because we know from history that strong economic momentum, when the economy is operating at or above full capacity, eventually leads to recession and correction of the imbalances that built up during the euphoric period of overly strong growth. Professional forecasters are worried; most others are not. In this month’s letter Bill Longbrake examines what might go wrong and lead to recession in 2020 or possibly in 2019. Bill also discusses whether weak productivity will improve and boost economic growth.

National Bank Act Preemption Revisited
- Jim Sivon

The application of State law to national banks was hotly debated in the run-up to the Dodd-Frank Act. Passage of that Act quieted that debate – until now.