NY Fed Boosts Q3 US Growth Forecast to 2.3%

The Federal Reserve Bank of New York has revised its forecast for US GDP growth in the third quarter to 2.3%, up from a previous estimate of 2.14%. This increase was driven by stronger-than-expected building permits and the Philadelphia Fed's manufacturing index.

The New York Fed also put the probability of third-quarter growth falling between 1.1% and 3.4% at 50%, indicating some uncertainty in its forecast. The estimated 80% probability range is between 0.0% and 4.5%.

This revised forecast may have implications for monetary policy, as the US economy's growth trajectory could influence decisions made by the Federal Reserve in the coming months.