Continuous improvements in COVID-19 rates have stalled as the Delta variant became the dominant strain in the United States in July, but economic momentum in the second half of 2021 will remain strong. Real GDP should grow by 7.8 percent (annualized rate) in the third quarter. However, concerns about inflation are growing. While prices should continue to rise throughout 2021, we do not anticipate run-away inflation. Further upside for economic growth is possible from 2022 onward if an infrastructure package is passed and implemented.