|The Atlanta Fed has a model which tries to track what GDP for the US economy is doing currently. That model is called GDPNow. So, what does the Atlanta Fed think the economy is doing now?
GDP growth for the first quarter has fallen to 0.3%. That's basically recession territory. This is yet another reason to suspect that the Fed is not data-dependent as they claim to be. If this model is correct, raising interest rates is exactly wrong. If the Fed goes ahead and raises rates, it will be signaling that they actually want the economy to go into recession. Perhaps they do, if only to pop the various financial bubbles they themselves have created.
This is just one more reason why the Fed is a total disaster for the economy and should be ended.