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“The New York Fed Staff Nowcast stands at 2.3% for 2018:Q3 and 2.7% for 2018:Q4,” the Federal Reserve Bank of New York reported on Friday.

Key quotes

“News from this week’s data releases left the nowcast for 2018:Q3 broadly unchanged and decreased the nowcast for 2018:Q4 by 0.1 percentage point.”

“A negative surprise from the Empire State Manufacturing Survey accounted for most of the decrease. Housing data had little net impact.”