Joyce Chang, chair of global research at JPMorgan, said the recent surge in immigration — and its economic benefits — had been "really underestimated."

Key Points

  • The U.S. Federal Reserve on Wednesday raised its U.S. GDP growth projection to 2.1% for 2024, up from 1.4% in its December outlook, as the economy continues to display resilience.
  • But the labor market has remained relatively hot and January and February inflation prints dampened hopes that price increases were fully under control.
  • “I think one thing that was really underestimated in the U.S. was the immigration story,” Joyce Chang, chair of global research at JPMorgan, told CNBC on Thursday.