Hmmm. Consumer spending hit its highest level in nearly two years; overall goods (6.5%) and durable goods were way up (16.9%).
DB2
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GDP Slows
Real gross domestic product rose at an 1.1% annual rate in the first quarter, a sharp fall from 2.6% in Q4 and well below estimates of 2%.
The Commerce Department attributed the slowdown to weaker business investment in nonresidential construction and inventories.
The GDP missed the 2% growth the experts were hoping for. Now lets see how the media spins it…doc
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Now, think about it. What are all those that are going to look at the market this morning going to think when they see GDP misses by almost 50% of expectations, yet the market is up in the premarket?
They will shrug it off and ignore it, or they will try to come up with some convoluted way to explain it. Folks, its time to get real. Stop fooling yourselves.
Interesting take on the GDP…doc
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Oh that’s easy … “now that we see economic growth slowing, the Fed will be able to credibly pause their rate increases, at least for a while.”
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You mean rate increases? Agreed.
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But is that really spin? The Fed is trying to slow the economy, trying to increase unemployment. Any evidence that it is happening will be a reason to pause the rate increases.
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Argggghhhh … I need to go fix it!
The SA article makes a good point. Markets can move in directions due to reasons unrelated to what may appear to be major news, like the GDP.
On this same day, META also crushed earnings and provided higher guidance for the 2nd quarter. That is really driving the S&P and Nasdaq today.
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GDP never paid for my lunch. 
The Captain
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