Q1 GDP was revised down to 1.6% annualized, indicating weaker-than-previously-estimated economic growth as softer investment and consumer spending outweighed support from government spending and exports. Core PCE inflation remains elevated at 3.3% year over year, while real wages fell and disposable income declined for a third straight month. The mix of slower growth and sticky inflation is modestly negative for risk assets and reinforces a cautious macro backdrop.
Q1 GDP was revised down to 1.6% annualized, indicating weaker-than-previously-estimated economic growth as softer investment and consumer spending outweighed support from government spending and exports. Core PCE inflation remains elevated at 3.3% year over year, while real wages fell and disposable income declined for a third straight month. The mix of slower growth and sticky inflation is modestly negative for risk assets and reinforces a cautious macro backdrop.
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mildly negative
Sentiment Score
-0.25
