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Fannie Mae's Economic and Strategic Research Group (ESR) focused on the new Tax Cuts and Jobs Act, passed late last year, in its January Economic Developments report.  Like most other economists, Fannie Mae's are upgrading their growth forecasts based on the impact of the bill. Between October 2017 and this month, the average forecast for 2018 real gross domestic product, some based on speculation about what the bill would ultimately contain, moved 0.3 percent higher, to 2.7 percent. The rationale for the forecasts is that cuts in individual tax rates should help push consumer spending, while reductions in corporate tax rates and allowing equipment investment to be fully expensed for five years are expected to boost that spending.  Read further