What? Did the regional Federal Reserve banks all miss their money coffee? Their GDP forecasts released today all sure were grumpy.
The most visible of the bunch, the Atlanta Fed’s GDPNow forecast calls for 2.9% growth in the second quarter. The forecast was looking for 3.2% growth on Wednesday.
The New York Fed, which has been more pessimistic about GDP growth than the Atlanta Fed for a while now, cut its forecast for second quarter growth to 1.9% from an earlier 2.3%. For the third quarter the bank dropped its projection to 1.5% from 1.8% growth.
And, finally, the Real GDP Nowcast from the St. Louis Fed for the second quarter fell to 2.3% from 2.6%.
This isn’t exactly the trend I’d hoped to see for the week after the Federal Reserve raised interest rates again. And these forecasts won’t do anything to lessen the worries of those who wonder how long this already long-in-the-tooth, if not especially robust, economic recovery can run.