April 28, 2017 / 4:24 PM / in 3 months

N.Y. Fed raises U.S. first quarter, second quarter GDP growth view

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NEW YORK (Reuters) - The New York Federal Reserve said on Friday it raised its outlook on U.S. gross domestic product in the first quarter and second quarter due to data that showed rising new home sales and durable goods orders earlier this week.

The regional central bank's "Nowcast" forecast program showed first-quarter GDP likely grew at a 2.70 percent pace versus the 2.65 percent rate calculated a week ago and second-quarter GDP was on track to expand at a 2.33 percent pace, compared with 2.06 percent a week ago.

Reporting by Richard Leong

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