The GDPNow model forecast for real GDP growth (seasonally adjusted annual rate) in the first quarter of 2017 is 0.9 percent on March 16, unchanged from March 15.
The FRBNY Staff Nowcast stands at 2.8% for 2017:Q1 and 2.5% for 2017:Q2.
We revised down our 1Q GDP forecast to 1.5%, reflecting a mark-to-market with tracking. However, we expect a payback over the next two quarters and upgraded growth to 2.3% from 2.0%. This leaves 2017 growth unchanged at 2.1%.