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NY Fed Slashes GDP Forecast, Now Sees Weakest Growth Since Financial Crisis

Friday, September 23, 2016 13:04
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(Before It's News)

zerohedge.com / by Tyler Durden/ Sep 23, 2016 12:44 PM

Just in case the Fed needed an “out” to its “hawkishly holdish” December rate hike, it got it moments ago when the NY Fed slashed its Q3 and Q4 GDP estimates, and now expects just 2.3% annualized growth in Q3 and 1.2% Q4, down 0.5% each from the previous forecasts of 2.8% and 1.7%.

In its latest report, the NY Fed explained that “negative news since the report was last published two weeks ago pushed the Nowcast down 0.5 percentage point for both Q3 and Q4.  The largest negative contributions over the last two weeks came from manufacturing, retail sales, and housing and construction data.” So, pretty much everything.

As usual, the forecast was overly optimistic, and as a result has been sharply dragged down for both Q3…

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The post NY Fed Slashes GDP Forecast, Now Sees Weakest Growth Since Financial Crisis appeared first on Silver For The People.

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