The macro numbers published yesterday were not good: GDP growth was weaker than expected at 1.6%, and PCE was stronger than expected at 3.7%. That’s exactly the opposite of what the market and the Fed needed to see. If this is not an isolated data point, and in fact we are going to have low growth and inflation above target, the word stagflation will come up in conversations again. The good news came from the corporate earnings front, where Google and Microsoft reported better than expected results and have muted the macro numbers. For now. Tough environment for the next FOMC meeting.
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