Bidenomics Boosts GDP Growth, Morgan Stanley Profits Beat Expectations

Morgan Stanley has revised its estimates for US gross domestic product (GDP), crediting President Joe Biden's economic policies for driving a stronger-than-expected surge in the economy. The bank now projects 1.9% GDP growth for the first half of this year, nearly four times higher than its previous forecast. Biden's Infrastructure Investment and Jobs Act is driving a boom in large-scale infrastructure, while manufacturing construction has also shown broad strength. The revision comes at a pivotal time for the Biden administration, as the president has been touting his economic achievements and staking his 2024 reelection bid on strong economic growth. However, a recent CNBC poll found that only 37% of respondents approved of Biden's handling of the economy, highlighting ongoing challenges with high interest rates and inflation.