NEW YORK (Reuters) - The New York Federal Reserve said on Friday it dialed back its forecast on U.S. gross domestic product in the first quarter and second quarter following weaker-than-forecast data on consumer spending in February.

 

The regional central bank's "Nowcast" forecast program showed first-quarter GDP on track to expand at a 2.87 percent pace, slower than the 2.96 percent rate calculated a week ago and second-quarter GDP on course to grow at 2.58 percent, compared with 2.66 percent a week earlier.

 

(Reporting by Richard Leong; Editing by Chizu Nomiyama)