Fed to hike 2023 GDP forecast

Market Overview
Read time 1.2 minutes

Year To Date Performances:

1. Bloomberg is hinting that the Fed is about to significantly hike its 2023 GDP growth forecast, and there's a lot of optimism in the air. The U.S. economy is showing signs of strength across multiple sectors—consumer spending, retail sales, manufacturing, and the housing market are all booming. This robust performance marks a radical shift from just a few months ago when, despite decent GDP growth in Q1 and Q2, many were cautious about the economic outlook. But now, things are looking up. The Atlanta Fed is even forecasting a spectacular 5.6% growth for Q3, far outpacing the Fed's earlier projection of just 1% for 2023.

2. In a stunning turn of events, Chinese property developers are rallying. Evergrande, which was once teetering on the brink of collapse, soared by an eye-popping 83%, marking its largest jump since 2009. This dramatic surge comes just a day after Country Garden narrowly avoided default. While the rally could largely be attributed to a short squeeze, whispers are that more help could be on the way. China's Securities Times has been vocal about the need for the government to further relax property buying rules in less popular cities. Much like the actions taken during the 2008 financial crisis, China has been stimulating its housing market by reducing down payments and mortgage rates. While this is a step in the right direction, it's likely that more intervention will be needed to avert a full-blown crisis.

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4. Headlines

   1. Facebook is removing the news tab from its website in Europe.

   2. Michael Jordan received $250M in royalties from Nike in 2022.

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