Biden's economy: NY Fed shuts down GDP nowcast amid economic chaos

[Counselor706]

Federal Reserve Bank of New York announced Friday that it was halting the publication of its GDP Nowcast model’s read of the economy due to pandemic-related uncertainties.

“The uncertainty around the pandemic and the consequent volatility in the data have posed a number of challenges to the Nowcast model. Therefore, we have decided to suspend the publication of the Nowcast while we continue to work on methodological improvements to better address these challenges,” the New York Fed said in a statement posted to its website.

Source

 

[Sean Renaud]

Basically they knew the data would be skewed because things outside their control. And when it comes to things like the economy its better not to give people data than is to give them false or misleading data.

 

[ll74]

So because their models couldn't accommodate all the variables, they stopped producing the models

Sounds pretty straightforward.

But let's all blame Biden!!!!