re: Often-touted Atlanta Fed GDPNow projection has some bad news for 3Q

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2 Historical Hurricanes just hit the United States and devastated cities

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Goldman-Sachs revised it down by about 0.8%: Goldman-Sachs estimates

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"Given potentially sizeable growth effects from Harvey — and with Irma risks now moving to center stage — we are lowering our Q3 GDP tracking estimate by 0.8pp to +2.0 percent," Goldman wrote. "However, we expect this weakness to reverse over the subsequent three quarters, more than recouping the lost output."

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So I think the extent of the Atlanta Fed's drop is more to do with an overly optimistic initial estimate.