In contrast to the Atlanta Fed GDPNow estimate at 1.8%

This weeks NY Fed Nowcasting estimate for 1Q GDP stood steady at 3.1% in the current week.

As per their report:

  • The FRBNY Staff Nowcast stands at 3.1% for 2017:Q1.
  • This week's news had on balance a negligible impact on the nowcast.
  • Negative contributions from personal consumption expenditures and ISM manufacturing were offset by the positive impact of lower than expected inventories of manufacturers and merchant wholesalers.

The 3.1% estimate is in contrast to the Atlanta Feds GDPNow estimate of 1.8% (most recent released on March 1st). HMMMM.

I wonder if NY Fed's Dudley and Atlanta Feds Gooding get on the phone and discuss the differences of their models?

"You're wrong!"

"No, you're wrong"

"We will debate it at the next meeting!"

"See you there!"