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Data: Atlanta Fed; Chart: Axios Visuals

The Atlanta Fed's GDPNow tracker estimates that real GDP growth in the second quarter will decline by -52.8%.

What they're saying: That estimate is down from -51.2% on May 29 and -40.4% on May 28.

Why it matters: Recent economic reports have shown slightly improving numbers, but the Atlanta Fed's model suggests the overall trend is projecting a worse quarter than most economists had as even their worst-case scenario only weeks ago.

  • The 10 percentage point decline from last week's estimates is based on Monday's ISM report on business and the construction spending report from the U.S. Census Bureau.

By the numbers: Expectations for real personal consumption expenditures declined from -56.5% to -58.1% and expectations for real gross private domestic investment decreased from -61.5% to -62.6%, the Atlanta Fed noted.

What's next: Today's data will be closely watched with the release of IHS Markit and ISM's nonmanufacturing indexes for May and the ADP private payrolls report potentially offering some good news for investors.

Go deeper

Dion Rabouin, author of Markets
Sep 1, 2020 - Economy & Business

The bond market's tug of war

Investors bought the dip in U.S. Treasuries on Monday following a significant move higher in yields on longer-dated maturities after the Fed's Jackson Hole symposium last week. Investors especially bought the 30-year bond, which saw yields rise to the highest level since mid-June on Friday.

Why it matters: A tug of war is developing in the bond market as inflation expectations are rising thanks to unprecedented central bank and government stimulus measures globally.

Scoop: Trump-backed Perdue says he wouldn’t have certified Georgia 2020 results

Perdue at a December 2020 campaign event in Columbus, Ga. Photo: Elijah Nouvelage/Getty Images

Georgia gubernatorial candidate David Perdue wouldn’t have signed the certification of the state’s 2020 election results if he had been governor at the time, the former Senate Republican told Axios.

  • “Not with the information that was available at the time and not with the information that has come out now. They had plenty of time to investigate this. And I wouldn’t have signed it until those things had been investigated and that’s all we were asking for," he said.

Why it matters: There has been no evidence widespread fraud took place in Georgia's elections last year and the November results were counted three times, once by hand.

Beijing Olympics: These countries have announced diplomatic boycotts

Photo: Zhang Qiang/VCG via Getty Images

Several countries, including Canada and Australia, have announced they will join the U.S. in a diplomatic boycott of the 2022 Beijing Winter Olympics to protest human rights abuses committed by China's government.

Driving the news: Leaders have faced pressure from human rights groups and others to boycott the Games, pointing to the ongoing genocide of Uyghurs and other Muslim minorities in China's Xinjiang region and other abuses.