According to the Federal Reserve Bank of Atlanta's GDPNow model, the US economy is expected to grow at an annualized rate of 2.5% in the first quarter, up slightly from 2.4% in the previous estimate.

"After this morning’s housing starts report from the US Census Bureau, the nowcast of first-quarter real residential investment growth increased from -10.4 percent to -8.1 percent," the Atlanta Fed explained in its publication.

Market reaction

This report doesn't seem to be having a noticeable impact on risk mood. As of writing, the S&P 500 Index was down 0.75% on a daily basis.