Atlanta Fed Q3 GDPNow 3.0% vs 2.5% prior

This one isn’t going to make life easier for the Fed doves.

The Atlanta Fed’s Q3 GDPNow tracker rose to 3.0% today from 2.5%.

After recent releases from the Treasury’s Bureau of the Fiscal Service, the US Census Bureau, the US Bureau of Labor Statistics, and the Federal Reserve Board of Governors, the nowcasts of third-quarter real personal consumption expenditures growth and third-quarter real gross private domestic investment growth increased from 3.5 percent and 1.2 percent, respectively, to 3.7 percent and 3.2 percent, while the nowcast of the contribution of the change in real net exports to third-quarter real GDP growth increased from -0.40 percentage points to -0.36 percentage points.

The market continues to price in a 63% chance of a 50 bps Fed cut tomorrow.

This article was written by Adam Button at www.forexlive.com.