Q1 advance GDP expected up 1.0% annualized.
The market is hyper-involved with economic data today and this GDP data is no exception. The market has been hung up on the 'weak/weather Q1' story for two months and it culminates with this report.
In addition, everyone is on edge with the Fed due later.
Two things to remember:
- This is old news. Q1 is over. We know it was weak, whether it's 0.5% or 1.5% doesn't make that much of a difference.
- Advance GDP is notoriously inaccurate. It will be revised significantly.
In any case, expect a big move today on the headlines because everyone is watching this report. That said, I think there will come a time to fade it. As always, the timing/levels are key.
