The US economy is expected to grow by 3.5% in the third quarter of 2021, the Federal Reserve Bank of New York’s latest Nowcasting Report showed on Friday.
“News from this week’s data releases decreased the nowcast for 2021:Q3 by 0.3 percentage point,” the NY Fed explained in its publication. “Negative surprises from advanced retail sales, housing starts, and Empire State Manufacturing survey data accounted for most of the decrease.”
Market reaction
This report was largely ignored by market participants and the US Dollar Index was last seen flat on the day at 93.58.
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