Global Macro Service > Research Briefings > United States

The AFP would boost growth… and inflation

We estimate President Joe Biden’s 10-year, $1.8tn American Families Plan (AFP), which aims to support mostly low- and middle-income households, would boost real GDP growth by a modest 0.3ppts in 2022 and create 120k additional jobs by end-2022. The AFP would also lift inflation modestly, potentially leading to a Federal Reserve rate hike by end-2022.

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