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Wells Fargo is challenged in the outlook given the high level of uncertainty on what will be the explicit actions undertaken by policymakers. Wells Fargo knows the intended outcomes — they await the realization. For now, Wells Fargo has left their 2017 forecast alone as it is unlikely that fiscal policy will materially change for the current calendar year. However, Wells Fargo anticipates that market actors will move in anticipation of fiscal policy actions and that fiscal, monetary and regulatory policy actions will affect economic activity as 2018 approaches.

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