First Quarter Gross Domestic Product for the United States came in a -0.3%. This is lower than the +0.2% expectation and the first negative reading in three years.
The Personal Consumption Expenditures Index rose 2.2% year-over-year and 0.0% month-over-month, both about a half percent lower than anticipated.
The price of a barrel of oil dropped under $60 this morning and Americans are again spending 0.2% more than we’re making.
All of these factors have interest rates teed up for a clean baseline hit; watch for lower rates coming.
