This week we learned that Q1 GDP rose more than expected (3.2% vs. 2.5% estimates.) But that’s just the headline. More importantly, there is the rest of the story. If you look “under the hood” you’ll find 3 bears. Exports were pulled forward due to increasing trade tensions with China, which suggest exports will decline in the future. An increased level of inventories. This suggests production may decline in the future. Consumer spending declined relative
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