Despite the promise that it's different this time, that this time the growth rebound is "sustainable", that we we have finally reached "escape velocity", the dismal truth - as we noted last night courtesy of Mr Santelli [4] - is that it is anything but different this time. On the back of disappointing retail sales (among others) and likely further weakened by this morning's drop and downward revisions in Industrial Production, the herd of sheep-like sell-side strategists have taken the knife to their hope-filled GDP growth expectations. Of course, this is all weather-related and the hockey-stick will revert to a new normal self-sustaining recovery any day now.
[5]
Charts: Bloomberg