Submitted by Mark Hanna
Courtesy of MarketMontage. View original post here.
These GDP numbers get adjusted so much so I don’t know if the first pass means much but it is better than expected at 1.7% – expectations were 1.1%. But who knows what it will be by the time the third revision begins. Also we appear to have a substantial revision down of Q1 GDP. ADP employment was 200K over 183K expected, so two better than expected numbers and does not take away from the thesis that “taper” begins in September or December. Ten year yields are ramping up this morning, to near 2.7% as I type this.
The market remains stuck in a range, now going on its 14th day in a row – this is better seen in the NASDAQ than the S&P 500.
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