Oh the weather outside is frightful, but inside it’s all delightful.
And the economic elite are all inside, and well sheltered if not pampered, so it doesn’t matter.
The GDP report for the 1Q this morning was awful, barely finishing negative and most likely to be revised lower as the GDP deflator rises to something a little more realistic.
The markets followed the Fed’s lead and disregarded that number, choosing to ‘look forward’ and not worry about the weather.
So we are now looking forward even hard to the Non-Farm Payrolls report on Friday.
Have a pleasant evening.
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