Atlanta Fed GDPNow Q1 estimate -2.1% vs -1.6% prior

The Atlanta Fed Q1 GDP tracker was lowered to -2.1% from -1.6% in the latest update.

After this morning’s retail sales release, the nowcast for first-quarter
real personal consumption expenditures growth declined from 1.1 percent
to 0.4 percent.

A week ago, the Atlanta Fed noted that huge amounts of US gold imports were largely responsible for the big trade deficit in January and that shaved roughly 2 percentage points from the data. So the adjusted number today is around -0.1%, not great but not a reason for panic.

However I do realize about a further worsening in the US trade deficit in Feb/March on further tariffs and front-running.

This article was written by Adam Button at www.forexlive.com.