One day before the Bureau of Economic Analysis (BEA) releases the first-quarter GDP growth rate, a regional central bank downgraded its forecast for Q1.
The Federal Reserve Bank of Atlanta’s widely watched GDPNow model estimate was lowered to 1.1 percent in the first quarter.
Just a few days ago, it had been as high as 2.5 percent.
Here is the chart:
The Atlanta Fed Bank’s GDPNow is typically accurate as it is only off by +/- a few basis percentage points.
Grab the popcorn.
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