Atlanta Fed President Raphael Bostic to Retire in February
Atlanta Fed President Bostic, the first Black and openly gay Fed leader, will retire in early 2026, creating a significant vacancy on the Federal Reserve's interest rate-setting panel.
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Atlanta Fed President Bostic to Retire in February
Raphael Bostic, president of the Atlanta Fed and the first Black and openly gay leader of a regional Fed bank, will retire in February, opening a seat on the Fed's interest-rate committee amid ongoing political and economic debates about monetary policy and Fed control. His successor will be chosen by the Atlanta Fed's board, and the appointment process is influenced by the Trump administration's efforts to gain more control over the Fed.
"US Trade Deficit Hits Atlanta Fed's Q2 GDP Forecast"
The Atlanta Fed's GDPNow forecast for Q2 2024 dropped from 3.5% to 2.7% due to a significant increase in the US trade deficit and weakening economic data, suggesting potential recession risks.
"Contradictory Forecasts: GDP Growth vs. Economic Reality"
The initial GDPNow model estimate for real GDP growth in the fourth quarter of 2023 is 2.3 percent, according to the Atlanta Fed. This is lower than the initial estimate of third-quarter real GDP growth released by the US Bureau of Economic Analysis. The Atlanta Fed has been successful in beating the Blue Chip forecast and the Econoday consensus in their previous forecasts.
Economic Growth Surges Despite Predictions of Slowdown
The Atlanta Fed's GDPNow model forecasts a 5.4 percent growth rate for the third quarter of 2023, while the Bloomberg Econoday consensus predicts a 4.1 percent growth rate. The GDPNow estimate remained unchanged on October 18, but the nowcast for real residential investment growth decreased after the US Census Bureau's housing starts report. Additionally, the Philadelphia Fed will update its GDPplus measure, which has been signaling a potential recession, on Thursday.
Atlanta Fed Forecasts Robust 5.8% US GDP Growth in Q3
The Federal Reserve Bank of Atlanta has raised its estimate for US economic growth in the third quarter from 4% to nearly 6%, citing a surge in new construction projects for single-family homes and better-than-expected industrial production. The forecast is driven by strong personal consumption, including a surge in car sales and sustained strength in retail sales. However, there are concerns that the Fed's prediction of positive residential investment may be too optimistic. Retail sales growth in July was the strongest since January, indicating a broad-based improvement across various sectors of the US economy.
Atlanta Fed Chief Raphael Bostic Admits to Trading Violations During FOMC Blackout Period.
Raphael Bostic, the president of the Atlanta Federal Reserve, has reported a fresh trading violation, according to a statement from the central bank. The violation was related to Bostic's personal transactions and was discovered during a review of his financial holdings. The Atlanta Fed's ethics committee is investigating the matter.