The New York and Atlanta Fed's GDP forecasts for the second quarter have diverged wildly since late May.
The state of play: The spread has come largely since late May as the Atlanta Fed's indicator pushed expectations for the quarter to below -40% after bad retail sales, industrial production and manufacturing data. The N.Y. Fed's metric remained elevated. Similarly, late May readings of personal income and outlays and a series of advanced economic indicators sent the Atlanta Fed's GDP forecast below -50%, while the N.Y. Fed's forecast fell only as low as -35.5%.