The US economy is expected to grow 2.4% and 5.6% in the fourth quarter and first quarter of 2021, respectively, it showed on Friday. the latest Nowcasting Report from the Federal Reserve Bank of New York.
“The news of this week’s data release lowered the immediate forecast for 2020: fourth quarter by 0.1 percentage points and lowered the immediate forecast for 2021: first quarter by 0.3 percentage points,” the New York Fed explained in its release. “A negative surprise from the retail sales data more than offset the positive news from the housing sector data in both quarters.”
Market reaction
The US Dollar Index It largely ignored this report and was last seen gaining 0.3% on the day at 90.10.
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