Standish Mellon's Reinhart on Fed's Growth Outlook

The transcript discusses the Fed's growth outlook, highlighting the potential impact of tax cuts on GDP and the output gap. Despite expected GDP growth, inflation remains unchanged, indicating challenges in a globalized economy. Janet Yellen's comments on tax cuts and FOMC forecasts are examined, along with the implications for rate hikes in 2018. The discussion also touches on economic momentum and optimism indices.

What are the implications of the Fed not factoring in the potential growth from tax cuts?

According to the text, what is the expected number of rate hikes in 2018 and why?