Dueling nowcasts

The second quarter of 2016 is now more than half over, but we won’t receive the first reading on 2016:Q2 GDP from the BEA until the end of July. A forecast of something that is happening right now is sometimes described as a “nowcast”. The Federal Reserve Banks of New York and Atlanta are providing a valuable service by publishing continuously updated nowcasts of GDP. But what should we do if they’re giving us rather different numbers?
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