The uncertainty of the fiscal cliff looms over attempts to determine economic prospects for 2013. At an economic outlook conference in Tulsa, the keynote speaker is Anthony Chan, chief economist for JP Morgan. He sees some positives…growing consumer confidence and low inflation for example. But the big unknown is the fiscal cliff and whether agreement can be reached in Washington. He believes a deal will be made, although he doubts it will be before the end of the year…which is the deadline most are hoping to beat. Chan says if agreement isn’t reached until early next year, it won’t be that bad. But beyond that, he says it could mean trouble.
He sees steady if slow economic growth in Oklahoma…but cautions failure to reach a federal budget deal would have a negative impact on the state as it would the nation.