NY Fed Shuts Down GDP Nowcast Amid Economic Chaos

NY Fed Shuts Down GDP Nowcast Amid Economic Chaos

Federal Reserve Bank of New York announced Friday that it was halting the publication of its GDP Nowcast model’s read of the economy due to pandemic-related uncertainties.

“The uncertainty around the pandemic and the consequent volatility in the data have posed a number of challenges to the Nowcast model. Therefore, we have decided to suspend the publication of the Nowcast while we continue to work on methodological improvements to better address these challenges,” the New York Fed said in a statement posted to its website.

NEW YORK, NY – JULY 29: A Federal Reserve police officer stands guard outside the entrance to the Federal Reserve Bank of New York, located at 33 Liberty Street, on July 29, 2011 in New York City. Bankers and economists were invited to meet with Treasury Department officials at the bank today to discuss the on-going debt-limit crisis and how it could effect

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