OOPS, Stagflationary Numbers Out of US!
US economy expands at 1.6% rate in Q1, trailing all forecasts.
- Main growth engine – personal spending – rose at a slower-than-forecast 2.5% pace.
BUT a closely watched measure of underlying inflation advanced at a greater-than-expected 3.7% clip.
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POST SCRIPT:
Slower than expected GDP and higher-than-expected Personal Consumption Expenditure (PCE) Prices triggered initial negative reaction in stocks.
- Core PCE prices up to 3.7% quarter over quarter from 2% in Q4 2023, above 3% expected.
- VIX up ~5%
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