Keefe, Bruyette & Woods predicts slow growth in the United States in 2011.

On Monday the firm released its 2011 Asset Managers Outlook "Compilation": From Capital Accumulation to Capital Deployment, which predicts that capital redeployment will focus on increased dividends, share repurchases, and mergers and acquisitions. Yet lending and growth opportunities for financials will be limited by the slow U.S. economic recovery due to lower consumer demand. In fact, KBW forecasts that GDP will grow slightly less than 2% in 2011, the unemployment rate will fall to 9.1% by the end of the year, and Americans will continue saving at high rates into 2012.

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