Mini-shocks take the US off stride.
WSJ Fedwatcher Jon Hilsenrath is out with his latest look at the Fed. There's nothing groundbreaking but he does a nice job of summing up the outlook and the disappointment in economic data.
The most interesting part was that he spoke with Atlanta Fed director of research David Altig in an interview.
"We should begin to see something that is moving toward the 3% growth rate that we are more or less expecting for the last three quarters of the year. The incoming data haven't yet confirmed that view."
Altig made similar comments last week but it's interesting that the latest data hasn't taken him off stride and also added that he'd be more confident about the outlook when he sees consumer spending pick up.
