N.Y. Fed holds U.S. first quarter GDP growth view near 3.1 percent

Federal Reserve and New York City Police officers stand guard in front of the New York Federal Reserve Building

NEW YORK (Reuters) – The New York Federal Reserve on Friday left its view for U.S. economic growth in the first quarter at about 3.1 percent, little changed from a week ago following January data on new home sales.

U.S. gross domestic product was on track to expand at an annualized pace of 3.12 percent in the first three months of 2017, compared with its prior forecast of 3.09 percent a week ago, the New York Fed’s Nowcast model showed.

(Reporting by Richard Leong)