Howard Lutnick Reacts Shockingly to Atlanta Fed's Economic Forecast

-

The U.S. Secretary of Commerce, Howard Lutnick, seemed surprised on Friday when he found out about the recent Federal Reserve estimates indicating that the U.S. economy had contracted in the first quarter.

"Hold on, hold on, repeat that. What? A what?" Lutnick interjected. FOX Business’ Maria Bartiromo following her review of the Federal Reserve Bank of Atlanta’s projection indicating that the gross domestic product (GDP) likely will shrink during the initial quarter.

“A contraction?” he went on. “Alright… at this moment, that sounds absurd.”

COMMERCE SECRETARY HOWARD LUTNICK SUPPORTS TRUMP'S STRATEGY ON TARIFFS DESPITE RECESSED-ECONOMY CONCERNS

Lutnick mentioned that he has "definitely not" had any conversation with Atlanta Fed President Raphael Bostic regarding the issue.

The Atlanta Federal Reserve’s GDPNow model, utilized for estimating real-time GDP growth According to the available economic information, predictions indicate a reduction of 2.4% for the first quarter, which represents a minor upgrade compared to the preliminary forecast of -2.8% made on March 3rd.

USE THE FOX BUSINESS APPLICATION TO CONTINUE READING

Lutnick elaborated, "In the final three months of the year, we control the economic landscape. By reducing regulations and getting construction underway for these $2 trillion worth of projects aimed at building factories and restoring manufacturing to America, we're encouraging everyone to return to the U.S. to construct them. This robust initiative begins powerfully in the third quarter."

The first two quarters reflect somewhat our optimism – egg prices down Interest rates have fallen, and energy prices are lower," the secretary elaborated. "However, it’s the state of disarray we inherited.

He pushed Bartiromo even further: "Do you sense it, Maria? Are you feeling intense pain from the first quarter? I have been watching your show consistently. I can’t recall hearing you exclaim, ‘Oh my God!’ Come on now."

The Bureau of Economic Analysis has scheduled their initial estimation for first-quarter GDP release on April 30. Meanwhile, the Atlanta Fed will provide an updated GDPNow forecast on Monday.

Original article source: Howard Lutnick was surprised upon hearing about the economic forecast made by the Atlanta Federal Reserve.

Comments

Post a Comment

Popular posts from this blog

Paradise Islands Offer Citizenship for Less Than £36,000

-
Image
Didn't you catch wind of it? For only $105,000, you can purchase citizenship to a tropical island paradise these days. The island country of Nauru located in the Pacific is offering passports to foreign nationals for $105,000 (£81,000) as part of an effort to generate funding for its climate emergency reserve. Soaring sea levels are swiftly eroding Nauru’s coastlines. In reaction, the nation’s leadership is considering a large-scale move inland; however, they are facing difficulties in securing funding for this initiative. Approximately ninety percent of the island's inhabitants will likely have to relocate to elevated areas due to sea levels surrounding Nauru increasing at a rate one point five times quicker than the worldwide average. Many nations provide citizenship in return for significant financial investments or property purchases. However, certain options may stand out specifically to wealthy Britons looking for opportunities. In fact, several stunning t...
Read more

Australian Grand Prix Fences Go Black for Clever Reason

-
Image
The 2025 Australian Grand Prix introduces several modifications to the circuit, primarily focusing on Turn 6 where Mercedes' George Russell had a crash in the previous year. However, the track authorities have implemented an additional alteration. The fencing along the Melbourne street race course has been painted black, particularly in the region of the starting grid. This minor alteration significantly enhances visibility for both spectators with tickets and photographers, despite its subtle nature. The cause stems from how light reflects off the metal. Black paint helps with this by absorbing the light, thus making it simpler to maintain visibility. Formula One tracks have consistently needed to address the visibility and safety of spectators holding tickets. Essential safety features include barrier walls and catch fencing, which protect not only the audience but also racers themselves. Take, for instance, Zhou Guanyu’s accident at Silverstone in 2023; without the p...
Read more

Bill Passes Just Hours Before Deadline, Averts Shutdown and Defeats Filibuster

-
Image
On Friday, senators moved forward with the stopgap funding measure approved by the House as the clock ticks nearer to a potential government closure. With a vote of 62 to 38, the senators decided to move forward with the proposal. Almost all Republicans along with ten Democrats helped override the filibuster. Senate Minority Leader Chuck Schumer from New York Senate Minority Whip Dick Durbin from Illinois, along with Senators Angus King of Maine, Brian Schatz of Hawaii, Catherine Cortez Masto of Nevada, John Fetterman of Pennsylvania, Gary Peters of Michigan, Maggie Hassan of New Hampshire, Kirsten Gillibrand of New York, and Jeanne Shaheen of New Hampshire, voted to advance the bill, going against the majority of their fellow Democrats. The House-passed short-term A spending measure, referred to as a continuing resolution (CR), would maintain funding at FY 2024 levels up until October 1st. Nevertheless, should Congress fail to pass this legislation before 11...
Read more