Goldman Sachs GroupEconomists on Monday raised their second-quarter GDP growth forecast to 11 per cent from the previous 10 per cent and their expectations for the size of the additional fiscal stimulus to $1.5 trillion from the previous $1.1 trillion.

The bank also raised its US GDP growth forecasts for 2021 and 2022 by 0.2 percentage points each to 6.8 per cent and 4.5 per cent, respectively.

Goldman Sachs Group economists also said they now expect the Fed to raise interest rates for the first time in the first half of 2024, rather than in the second half of 2024, and expect the Fed to start scaling back its asset purchases in early 2022.