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BofA (BAC) Follows Suit, Cuts Q1 GDP Estimate to 1.8%

March 2, 2012 11:20 AM EST
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The warmer-than-usual weather this winter had analysts and economists getting ahead of their sleeves with their original first-quarter GDP estimates.

Following some both encouraging and disappointing data on Thursday, Goldman Sachs (NYSE: GS) cut its GDP estimate twice in one day. Earlier Friday, Bank of America (NYSE: BAC) has lowered its forecast from 2.2 percent to 1.8 percent.

While many banks and analysts are patiently (and hopefully) anticipating Big Ben Bernanke's QE3 announcement, no statement has come yet. The Fed, however, certainly hasn’t been shy to buy bonds over the past few weeks.

The U.S. markets are trading lower today as the dollar is seeing a strong rise following the announcement of European Central Bank's second long-term refinancing operations installment of $705 billion. The Dow is currently down 0.14 percent, the Nasdaq is up 0.01 percent, and the S&P 500 is down 0.2 percent.


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