We expect sustained economic expansion worldwide through the end of 2007 despite a deceleration in U.S. economic growth. While monetary policy has moved to the borderline between neutral and restrictive in the U.S., monetary policy has merely moved from stimulative to neutral in most other parts of the world. Our most likely outlook for the U.S. economy is for a deceleration in the pace of economic growth to somewhat below the probable long-term trend growth rate of about 3%. We believe that this............