Q1 GDP Surges, but that’s old news. Where to now?

The US Advanced GDP for Q1 was 6.4% vs 6.1% expected and 4.3% in Q4 2020. Last year as the pandemic began, the Q1 reading was -5%. (As a reminder, Q2 last year was -31.4% and Q3 was +33.4%!) The GDP deflator, or price index, was 4.1% vs an expectation of 2.5% and 1.9% in Q4. However, according the Fed Chairman Powell’s press conference yesterday, the inflation in transitory. An increase in personal consumption expenditures (PCE) was the primary contributor to the stronger GDP print, but note that many people received stimulus checks during Q1. Federal, state, and local government also contributed to the strong … (full story)

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