Credit constraints and an inventory overhang will limit improvement.

Credit constraints and an inventory overhang will limit improvement.

A revival in tax revenues may alleviate some of the drag local governments are placing on the overall economy.

A revival in tax revenues may alleviate some of the drag local governments are placing on the overall economy.

The Fed may hold off on another round of quantitative easing given healthier bank lending.

The Fed may hold off on another round of quantitative easing given healthier bank lending.

A recession probably won't happen this year, largely because the economy exhibits none of the excesses that typically lead recessions.

A recession probably won't happen this year, largely because the economy exhibits none of the excesses that typically lead recessions.