This Economic Commentary studies how professional forecasters update their forecasts in response to macroeconomic news. We find that the two most important news releases for how professionals update their short-term forecasts are the unemployment rate and the three-month Treasury bill rate. News about the unemployment rate is particularly important when updating forecasts about real GDP growth or unemployment, whereas news about the short-term Treasury bill rate tends to be more informative for revisions of inflation and three-month Treasury bill rate forecasts.