Fed projects 5.8% growth

Market Overview
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Year To Date Performances:

1. The Atlanta Fed has projected a notable 5.8% growth in Q3 GDP, a prediction that might come off as overly optimistic to some. This estimate emerges in the backdrop of a series of encouraging economic indicators, a prominent one being the recent revelation that July's industrial production surged by 1%, significantly outdoing the anticipated 0.3% increment. This marked its first growth in a span of three months. Concurrently, manufacturing production has also seen an uptick, countering the downtrend observed in the prior two months. While it's prudent to approach the Atlanta Fed's early forecast with some caution, given there's still some time before the preliminary Q3 GDP growth estimate is unveiled, the current trajectory of the US economy certainly seems to be aligning with this prediction.

2. Last year, President Biden ratified the Inflation Reduction Act (IRA), which encompassed a tax-credit initiative designed to promote clean-energy ventures. Fast forward to this week, and we witness the inauguration of the first transaction steered by this agenda. Bank of America has committed to purchasing wind-energy tax credits worth $580 million from Invenergy, a renewable-power producer. Invenergy plans to channel these funds into a $1.5 billion wind-energy project. Given the current trajectory, it is anticipated that the climate subsidies stemming from the IRA will accumulate to approximately $370 billion over the forthcoming decade.

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4. Headlines

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