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New York Fed GDP falls to 6.7% for the first quarter after this week’s data

The US economy is expected to grow 6.7% in the first quarter of 2021, it showed on Friday the latest Nowcasting Report from the Federal Reserve Bank of New York.

“The news of the data release this week lowered the immediate forecast for 2021: the first quarter by 0.1%,” explained the New York Fed in your post. “The negative impacts of JOLTS and the CPI data explained most of the decline.”

Market reaction

This report does not appear to have a significant impact on the performance of the dollar against its rivals. At time of writing, the US Dollar Index was flat on the day at 90.41.

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