GDP was... complex. The headline was bad, at -0.3% vs. exp. 0.4%. The miss was shifted to the Deflator, which was 3.7% vs. exp. 3.1%. Imports and inventories made this very messy.
I'd bet GDI (Gross Domestic Income) looks a whole lot better than this, but we won't find out for about a month.
Core PCE inflation was 0% for March. Was higher in February, then cooled as tariff frenzy did. Not convinced inflation is a concern, here, though it could become one.
Trade news has been slow to come. Realistically, these things traditionally take years, not weeks. Anything we get soon is likely to be broad brushstrokes, which may create disappointment.
Pretty hedged, now. My main concern is with non-mega cyclical areas. Earnings reports haven't been all that encouraging, thus far. I'd think something like 5250 is a reasonable bottom, but not saying it has to get down there.
Month-end trading could also be causing additional complexity.
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