US: NY Fed's GDP Nowcast stays unchanged at 3.2% for Q2 after this week's data

The US economy is expected to grow by 3.2% and 4.1% in the second and the third 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 left the nowcast for 2021:Q2 largely unchanged, and decreased the nowcast for 2021:Q3 by 0.1 percentage point," the NY Fed explained in its publication. "A negative surprise from building permits data accounted for most of the decrease in 2021:Q3."

Market reaction

This report was largely ignored by the market participants and the US Dollar Index was last seen rising 0.15% on the day at 92.96.