🏦🇺🇸Atlanta Fed GDPNow Rises to Highest 2Q Reading: Cable FX Macro

• The latest estimate of the Atlanta Fed GDPNow model sees U.S. 2Q GDP growth rising 4.2%, this is a 0.9pp increase from the May 2 projection

• This is the third consecutive upward revision from the model, most of the increase has been supported by the Fed’s measure of consumer spending and a change in private inventories

• Economists’ median survey pencil the second quarter growing at 3.0%, the Atlanta Fed GDPNow tops the highest forecast in the range (3.4%)