Q2 GDP Revised Down To 1.6% From 2.4%, Beats Revised Expectations Of 1.4%
Q2 annualized came at 1.6%, slightly higher than the revised consensus of 1.4%, and lower than Zero Hedge's expectation of 1.8%. The fact that this was 0.8% lower than the first number is completely lost on Hal9000. We anticipate the final revision to this number will be sub 1%. And why are we looking at Q2 anyway - isn't the upcoming negative Q3 print a little more important? We can't wait for the CNBC clown to gloat that the number has beat his 0.5% estimate (which was established two days ago - where was he when the original 2.4% number came out?)
The only important metric that determines prices, with no alpha, and all beta, AUDJPY surges.
In other news:
- 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%)