Interest rates.

THE FEDERAL RESERVE has pumped nearly $3 trillion into the U.S. economy in its attempt to avoid a depression and get the economy back on a reasonable growth trajectory. A crucial concern is that the Fed could abruptly end its quantitative easing program, nicknamed 0E3, causing rates to soar. That could quickly push the country back into recession.

Colorado's economists presume the Fed has the knowledge and tools at its disposal to end QE3 without causing a devastating disruption. Although interest rates will rise, the increase will be between 0.5 and 1.2 percentage points. Kirk Fronckiewicz, Bank of America Merrill Lynch senior banker, points out:

"The rebound from the Great Recession has been quicker in Colorado than nationally. Commercial lending activity has been good and a great number of companies are seeking to refinance debt to lock in rates at what they view will be the low. In 2014 there will be increased conversation around the direction of interest rates. Business owners I have met with have said very little about the Fed policy and related uncertainty. It is not a factor one has direct control of but must manage around.

" Hassan Salem, market president for U.S. Bank in Colorado, adds:

"Businesses and individuals certainly do pay attention to rates, and we see that in the lift we experience when rates are low. However rate is not the only factor in deciding how to finance a project or business expansion , so we are confident that over the long term we will continue to see growth in borrowing as...