N.Y. FED LOWERS U.S. THIRD AND FOURTH QUARTER GDP OUTLOOK
The New York Federal Reserve on Friday downgraded its forecasts on U.S. economic growth in the second half of 2016 following data on regional business activities in October and a steep drop in housing starts last month. The regional central bank said its "Nowcast" model projected gross domestic product in the third quarter growing at 2.22 percent versus 2.30 percent a week ago. It downgraded its fourth-quarter GDP outlook to 1.40 percent from 1.56 percent a week ago.