NY Fed Nowcast Downgrades Q2 GDP Growth To 1.86%, Bad Housing Start Data Latest Culprit (Slip Slidin’ Away)

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The New York Federal Reserve’s NOWCAST model for GDP growth just downgraded Q2 GDP growth to 1.86%.

The latest culprit? The rotten housing starts data from this morning.

And we were so hopeful about 3%+ GDP growth in February. Alas, Congress is not going along with Trump’s economic agenda.

GDP optimism seems to sink with every Fed Funds Target rate increase.

As Paul Simon warbled, “Slip Slidin’ Away” .

“You know the nearer your destination (of 4% GDP growth)
The more you’re slip slidin’ away.”

Here is Fed Chair Janet Yellen singing “Slip Slidin’ Away” (better known as the GDP song).

 

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