The Atlanta Fed's GDPNow tracker is pointing to a 1.1% gain in the second quarter, down from 3.2% in the first quarter.
Traders now see the Fed cutting its benchmark interest rate by September, although central bank officials have said they are staying put. A pedestrian walks past the Federal Reserve building on Constitution Avenue in Washington, March 19, 2019.A Federal Reserve projection on economic growth just weakened substantially, and expectations for a rate cut over the next eight months got a lot stronger.
The Atlanta Fed's closely watched GDPNow tracker is pointing to a 1.1% gain for the economy in the second quarter, according to a revision posted Wednesday. That comes on the back of a strong first three months that saw a 3.2% gain and is substantially lower thanDisappointing retail sales in April fueled the latest leg down in the Atlanta Fed outlook. The Commerce Department reported Wednesday that sales declined 0.2% for the month against expectations of a 0.2% gain.
They also forecasted .2% for gdp in the first quarter. Only off by 3%