Courtesy of Mish.
The Atlanta Fed GDPNow Model and the New York Fed Nowcast models head towards convergence. This past week the models again moved in opposite directions on the same economic data.
Nowcast Detail
From a week ago, on the same data, Nowcast rose 0.1 percentage point. To be more precise, Nowcast rose from 2.17 to 2.25.
In the same week, GDPNow fell from 3.4 to 3.0. The net result was a spread contraction of 0.5 percentage points.
Volatility
Since GDPNow posts its results more frequently, one should expect more GDPNow volatility, but not like we have seen.