US: NY Fed's GDP Nowcast climbs to 2.5% for Q4 after this week's data
|The US economy is expected to grow by 2.5% and 6.2% in the fourth quarter of 2020 and the first quarter of 2021, respectively, the Federal Reserve Bank of New York's latest Nowcasting Report showed on Friday.
"News from this week’s data releases increased the nowcast for 2020:Q4 by 0.3 percentage point and increased the nowcast for 2021:Q1 by 0.7 percentage point," the NY Fed explained in its publication. "Positive surprises from industrial production and capacity utilization data were only partially offset by a negative surprise from retail sales data in both quarters."
Market reaction
The US Dollar Index largely ignored this report and was last seen gaining 0.45% on the day at 90.63.
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