Second, most full-cycle macroeconomic indicators are actually flashing bullish signs, at the moment. For example, given high unemployment and relatively low capacity utilization, the economy has lots of running room before meeting any cyclical economic constraints. And on a rolling-three month basis, most cyclical economic indicators are showing acceleration. Thus, in the absence of some sort of external shock, the U.S. economy seems poised to accelerate beyond the 3% growth level before the end of 2013. Third, monetary conditions are supportive of the U.S. and global economies, and according to Federal Reserve officials, highly accommodative monetary conditions are likely to remain in place for at least the next 12 months.