The GDP revision came in firmly negative as expected.
The partnership of business and government spun this heavily as an anomaly that was due to the weather.
I doubt we will get anything much deeper in the further revision. The point of this exercise was to take all the bad results now, and dismiss them as old news and a winter storm phenomenon.
This has the added benefit of providing an easy basis of comparison for the next quarter and possibly the one after that, just in time for the midterm elections.
Tomorrow we get Chicago PMI and sentiment.
The real economy is struggling, because of stagnant wages and slack demand. When they don't have money from wage income, and the illusion of wealth they can borrow against from a housing bubble, people tend to cut back. duh.
The danger for the pigmen is that their crowd is doing so well, and the equity market is providing them such a nice sinecure, that they will carry this out too long, and trigger some unfortunate blowback.
It is interesting to see some bellwether elites, mostly nervous high profile figureheads, warning about this now. I doubt they will be heeded. Greed has the ball, and is heading in for the big win. What could go wrong?
Have a pleasant evening.
