Atlanta Fed GDPNow growth estimate for Q2 bounces to 2.6% from 1.8% previously

Earlier this week,the Atlanta Fed Atlanta Fed GDPNow growth estimate for Q2 fell sharply to 1.8% from 2.7% previously. Today that decline was nearly fully erased with the bounce back up to 2.6%.

In their own words:

The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2024 is 2.6 percent on June 6, up from 1.8 percent on June 3. After recent releases from the US Census Bureau, the Institute for Supply Management, and the US Bureau of Economic Analysis, the nowcasts of second-quarter real personal consumption expenditures growth and second-quarter real gross private domestic investment growth increased from 1.8 percent and 4.6 percent, respectively, to 2.4 percent and 5.8 percent, while the nowcast of the contribution of the change in real net exports to second-quarter real GDP growth increased from -0.54 percentage points to -0.50 percentage points.

The next GDPNow update is Friday, June 7.

Call off the slowing growth dogs (for now).

US yields are marginally higher:

• two year yield 4.734%, +0.3 basis points
• 5-year yield 4.311%, +0.5 basis points
• 10 year yield 4.300%, +4.2 basis points
• 30-year yield 4.453%, +1.3 basis points

This article was written by Greg Michalowski at www.forexlive.com.