It’s amusing watching all the GDP forecast downgrades in the wake of a huge string of bad economic data reports, one after another.
Following the retail sales report on March 12, the Atlanta Fed GDPNow forceast fell from 1.2 percent to 0.6 percent.
“The GDPNow model forecast for real GDP growth (seasonally adjusted annual rate) in the first quarter of 2015 was 0.6 percent on March 12, down from 1.2 percent on March 6.”
The Fed forgot to update their picture. It still looks like this. Continue reading