In what came as little surprise after revisions had been plumetting siicne the last blow U.S. trade number US Q2 annualized GDP came at 1.6%. This was slightly higher than the revised consensus of 1.4%.
Thr revision was 0.8% lower than the last estimate. We anticipate when the final revision comes in it will be stradding 1% growth. Importantly this is a stimulus ladden Q2. Negative Q3 growth is the overriding issue.
Personal Consumption: Q/Q 2.0% versus Expected 1.6% (Previous 1.6%)
Core PCE 1.1% versus estimate of 1.1% (Previous 1.1%)
Core PCE 1.1% versus estimate of 1.1% (Previous 1.1%)
S&P futures popped 6 handles on the news and oil 60 cents. On the real positive beta end AUD/JPY popped 70 pips. Who said this market wasn't tightly wound?
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