Friday: GDP, Chicago PMI, Consumer Sentiment

From the Atlanta Fed:

The GDPNow model forecast for real GDP growth (seasonally adjusted annual rate) in the fourth quarter of 2014 was 3.5 percent on January 27, unchanged from January 21.

From Nomura:

Incoming data suggest that the economy grew at a slower pace in Q4 than the strong 5.0% growth in Q3. As such, we forecast that GDP increased at a still robust annualized rate of 3.4% in Q4. In particular, we expect final sales to grow by 3.4%, exceeding 3% for the fifth time in six quarters. Personal spending should make a significant positive contribution to growth in Q4. We expect inventory investment to make a negligible negative contribution.

The two month method for forecasting PCE (using October and November), suggests real PCE growth of 4.3% in Q4 (of course December could be disappointing). That would be the best quarter for real PCE growth since 2006.

Friday:
• At 8:30 AM ET, Gross Domestic Product, 4th quarter 2014 (advance estimate). The consensus is that real GDP increased 3.2% annualized in Q4.

• At 9:45 AM, Chicago Purchasing Managers Index for January. The consensus is for a reading of 57.7, down from 58.8 in December.

• At 10:00 AM, the University of Michigan's Consumer sentiment index (final for January). The consensus is for a reading of 98.2, unchanged from the preliminary reading of 98.2, and up from the December reading of 93.6.