The Conference Board forecasts that the US economy will grow by 2.1 percent (annual rate) in Q2 2022, and 2.3 percent for the full year. Despite the contraction in Q1 GDP growth, US economic fundamentals appear sound. An imminent recession is unlikely. However, large risks continue to weigh on the outlook. High inflation must be addressed, on both the supply side and the demand side. The Federal Reserve is accelerating the transition to a more "neutral" monetary policy. Expect 50 bps hikes ahead and rising interest rates.