March 31, 2017 / 3:28 PM / 8 months ago

N.Y. Fed pares U.S. Q1, Q2 GDP views after spending data

NEW YORK (Reuters) - The New York Federal Reserve said on Friday it dialed back its forecast on U.S. gross domestic product in the first quarter and second quarter following weaker-than-forecast data on consumer spending in February.

The regional central bank’s “Nowcast” forecast program showed first-quarter GDP on track to expand at a 2.87 percent pace, slower than the 2.96 percent rate calculated a week ago and second-quarter GDP on course to grow at 2.58 percent, compared with 2.66 percent a week earlier.

Reporting by Richard Leong; Editing by Chizu Nomiyama

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