The huge beat in US GDP growth

This is going to be real quick. The Q1 GDP numbers came out. And they were a huge beat, showing 3.2% annualized growth versus an expected 2.0%. Even the bullish Atlanta Fed nowcast undershot this at 2.7%.

If you look at how the quarter began and how it finished, especially regarding the most recent consumer spending numbers, this is a clear case of re-ac…

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