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N.Y. Fed forecast: U.S. Q4 GDP growth to fall to 0.8%

Dion Rabouin, author of Markets
Expand chart
Data: Federal Reserve Bank of New York; Chart: Andrew Witherspoon/Axios

The New York Fed's GDP projection model predicted U.S. growth would slow to 0.8% in the fourth quarter.

Why it matters: If correct, it would be the weakest quarter since Q4 2015 and put the economy well off the pace of 2018's 2.9% annual growth.

  • However, prior to Q3's on-the-nose prediction of 1.9% quarterly growth, the N.Y. Fed's nowcasts haven't been especially accurate.

Go deeper: Economists see sustained low growth, but no recession

Go deeper

Orion Rummler
2 hours ago - Health

U.S. surpasses 25 million COVID cases

A mass COVID-19 vaccination site at Dodger Stadium on Jan. 22 in Los Angeles, California. Photo: Mario Tama/Getty Images

The U.S has confirmed more than 25 million coronavirus cases, per Johns Hopkins data updated on Sunday.

The big picture: President Biden has said he expects the country's death toll to exceed 500,000 people by next month, as the rate of deaths due to the virus continues to escalate.

Go deeper (1 min. read)Arrow
Mike Allen, Jim VandeHei
5 hours ago - Politics & Policy

GOP implosion: Trump threats, payback

Spotted last week on a work van in Evansville, Ind. Photo: Sam Owens/The Evansville Courier & Press via Reuters

The GOP is getting torn apart by a spreading revolt against party leaders for failing to stand up for former President Trump and punish his critics.

Why it matters: Republican leaders suffered a nightmarish two months in Washington. Outside the nation’s capital, it's even worse.

Go deeper (1 min. read)Arrow
Erica Pandey, author of @Work
6 hours ago - Economy & Business

The limits of Biden's plan to cancel student debt

Data: New York Fed Consumer Credit Panel/Equifax; Chart: Axios Visuals

There’s a growing consensus among Americans who want President Biden to cancel student debt — but addressing the ballooning debt burden is much more complicated than it seems.

Why it matters: Student debt is stopping millions of Americans from buying homes, buying cars and starting families. And the crisis is rapidly getting worse.

Go deeper (1 min. read)Arrow