The pace of the expansion of the United States economy has slowed down in the first half of 2011,and the endogeneity of growth dropped dramatically.Even though the income after tax of the corporate sector was greatly improved,the sovereignty debt pressure became tremendous and leaves little room for policy maneuver.The Obama Administration began to implement fiscal consolidation plan by reducing expense and rising tax,and the future monetary policy became more ambiguous.Facing with the record long unemployment,it's not easy for the the Fed to anounce policy exit in the coming year,but the present inflation will increase the possibility of stagflation.The safe heaven effect of the US dollar might persist against the background of European sovereignty debt crisis.As a result,the value of US dollar may not depreciate sharply and the debt market of the United States can be stable.However,the performance of the US economy in 2011 makes us hard to be optimistic to its future in 2012. <<