🏦🇺🇸Atlanta Fed GDPNow Forecast Rises to Highest In More Than A Year: Cable FX Macro

• The Atlanta Fed GDPNow real GDP growth forecast increased its Q3 projection to 5.91% from the prior 5.76%, the revision comes after the durable goods orders release

• Q3 Atlanta Fed GDPNow forecast is now at the highest since early 2022. The metric comes to support expectations of economic resilience in the U.S. and compares to other developed markets dragged lower by the Chinese slowdown

• Another interesting development is a potential rise in inflation as the Atlanta Fed model pencils the PCE index moving back to 4.8%. The mix of a re-acceleration in the economy and a pickup in prices stands to disappoint expectations of Fed rate cuts as soon as next year