{"id":195856,"date":"2023-09-06T11:30:00","date_gmt":"2023-09-06T15:30:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=195856"},"modified":"2023-09-06T11:20:57","modified_gmt":"2023-09-06T15:20:57","slug":"fed-scrambles-to-revise-2023-projections-as-us-economy-surges-beyond-expectations","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/fed-scrambles-to-revise-2023-projections-as-us-economy-surges-beyond-expectations\/","title":{"rendered":"Fed Scrambles To Revise 2023 Projections As US Economy Surges Beyond Expectations"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\" id=\"h-zinger-key-points\">ZINGER KEY POINTS<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>U.S. GDP growth projections for 2023 set to double, surprising economists.<\/li>\n\n\n\n<li>The Atlanta Fed&#8217;s unofficial estimate hints at a remarkable 5.6% Q3 expansion.<\/li>\n<\/ul>\n\n\n\n<p>The U.S. economy has emerged as the year\u2019s unexpected star performer, with Federal Reserve officials poised to double their 2023 growth projections due to a&nbsp;<a href=\"https:\/\/www.benzinga.com\/topic\/macro-economic-events\" target=\"_blank\" rel=\"noreferrer noopener\">series of positive indicators.<\/a><\/p>\n\n\n\n<p>From consumer spending to residential investment, data has consistently outperformed expectations, prompting economists to revise their forecasts.<\/p>\n\n\n\n<p>The unofficial estimate from the Atlanta Fed even suggests a remarkable 5.6% annualized expansion in Q3. This dramatic turnaround from just three months ago, when recession fears loomed, could force the Fed to rethink its 2024 interest-rate cut projections, according to&nbsp;<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-09-06\/us-economic-data-strength-has-fed-set-to-double-growth-outlook?srnd=premium&amp;sref=TBDibEcD\" target=\"_blank\" rel=\"noreferrer noopener\">Bloomberg<\/a>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-chart-atlanta-fed-gdp-nowcast-is-expected-to-hit-5-6-in-q3-2023\"><em>Chart: Atlanta Fed GDP Nowcast Is Expected To Hit 5.6% in Q3 2023<\/em><\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1024\" height=\"769\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/09\/GDPNOW_2023-09-06_13-48-58_00b23-1024x769-1.png\" alt=\"Chart: Atlanta Fed GDP Nowcast Is Expected To Hit 5.6% in Q3 2023\" class=\"wp-image-195857 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/09\/GDPNOW_2023-09-06_13-48-58_00b23-1024x769-1.png 1024w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/09\/GDPNOW_2023-09-06_13-48-58_00b23-1024x769-1-700x526.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/09\/GDPNOW_2023-09-06_13-48-58_00b23-1024x769-1-300x225.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/09\/GDPNOW_2023-09-06_13-48-58_00b23-1024x769-1-768x577.png 768w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1024px; aspect-ratio: 1024\/769;\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Strongest Economic Quarter Since 2021<\/strong><\/h2>\n\n\n\n<p>Any GDP growth above 3.2% in the coming quarter would mark the strongest performance since 2021, when the U.S. rebounded from the pandemic\u2019s initial shock. This contrasts starkly with China\u2019s outlook, which has suffered downgrades amid a mounting property crisis.<\/p>\n\n\n\n<p>The Fed\u2019s mid-June projections anticipated a mere 1% growth in 2023, a significant upgrade over the earlier March forecast that implied a recession, according to Bloomberg.<\/p>\n\n\n\n<p>The new projections, set for release after the Sept. 19-20 policy meeting, are expected to hover around 1.8% to 2%, with lower unemployment rate predictions.<\/p>\n\n\n\n<p>This growth surge might lead the Fed to scale back its anticipated rate cuts for next year to 75 basis points, down from the previously projected full percentage point.<\/p>\n\n\n\n<p>Despite this optimism, the central bank has indicated that it will likely maintain its benchmark interest rate in September. The recent rate hike to 5.25% to 5.5%, the highest in 22 years, followed by reassuring inflation data, allows policymakers to proceed cautiously.<\/p>\n\n\n\n<p>Money markets are currently assigning a 93% chance of rates to stay unchanged in September, according to CME Group\u2019s Fedwatch tool.<\/p>\n\n\n\n<p>The yield on the rate-sensitive 2-year Treasury note traded at 4.95% on Wednesday.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Fed\u2019s Summary Of Economic Projections: June 2023<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><\/td><td><strong>2023<\/strong><\/td><td><strong>2024<\/strong><\/td><td><strong>2025<\/strong><\/td><\/tr><tr><td>Change in real GDP<\/td><td>1.0<\/td><td>1.1<\/td><td>1.8<\/td><\/tr><tr><td>Unemployment rate<\/td><td>4.1<\/td><td>4.5<\/td><td>4.5<\/td><\/tr><tr><td>PCE inflation<\/td><td>3.2<\/td><td>2.5<\/td><td>2.1<\/td><\/tr><tr><td>Core PCE inflation<\/td><td>3.9<\/td><td>2.6<\/td><td>2.2<\/td><\/tr><tr><td>Federal funds rate<\/td><td>5.6<\/td><td>4.6<\/td><td>3.4<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>Source: Federal Reserve<\/p>\n\n\n\n<p><em>This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.<\/em>c<\/p>\n\n\n\n<p>&#8212;<\/p>\n\n\n\n<p>Originally Posted September 6, 2023 &#8211; <a href=\"https:\/\/www.benzinga.com\/economics\/macro-economic-events\/23\/09\/34276055\/fed-scrambles-to-revise-2023-projections-as-us-economy-surges-beyond-expectations\">Fed Scrambles To Revise 2023 Projections As US Economy Surges Beyond Expectations<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>U.S. GDP growth projections for 2023 set to double, surprising economists.<\/p>\n","protected":false},"author":1128,"featured_media":195857,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[18,6,8,9,26,3],"tags":[3221,9362,77],"contributors-categories":[13584],"class_list":{"0":"post-195856","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-macro","8":"category-north-america","9":"category-region","10":"category-securities","11":"category-text-articles","12":"category-traders-insight","13":"tag-economic-data","14":"tag-economic-outlook","15":"tag-fed","16":"contributors-categories-benzinga"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Fed Scrambles 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