GDP Outlook Slashed

Macroeconomic Advisers slashed its third-quarter GDP forecast to 1.2%, cutting its view by 0.4% as the U.S. trade deficit widened in August. "Exports were weaker than expected, while imports were stronger than expected, implying lower net exports in the third quarter than previously estimated," Macroeconomic Advisers said. Macroeconomic Advisers outlook is of particular importance, given that one of its employees, Laurence Meyer, is a former Federal Reserve governor.