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Subject
The implications of below-expectations GDP figures.
Significance
Winter, yet again, has been harsh in the United States. Abnormally cold temperatures and high levels of snowfall can disrupt economic activity and depress real GDP in the first quarter, but this often leads to a strong rebound in the following quarter.
Impacts
The severe weather has exposed flaws in transport systems in the North-east.
It is possible that these will prompt greater infrastructure spending by states and cities.
Financing costs will be low in current bond price environments, but states may wait on the result of the federal transportation bill.
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2015
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