Economic Activity Is Slowing

The first reading for Q1 GDP was weaker than expected.

PRE-OPEN MARKET COMMENTS WEDNESDAY - This morning we learned that Q1 GDP was -.3% (.4% growth expected) and projected prices increased 3.7% (3.1% expected). We have weaker growth and hotter than expected inflation. That is not a good combination and the S&P 500 dropped on the news. It also dropped when ADP reported that only 62K jobs were created in the private sector in April (114K expected). I have been pounding on my desk telling you that the macro backdrop is weak. This has nothing to do with tariffs, they have not even kicked in yet.

Daily Bulletin Continues...