Core PCE price index component of GDP accelerated sharply in 1Q2024 to +3.7% pic.twitter.com/79fYTL8ltp

Foreign purchases of U.S. equities have been incredibly volatile over past several years; negative in February (latest data available) but dip wasn’t as severe as in prior months pic.twitter.com/9KZ0ZNAPFQ

Per below, the whole US yield curve shifted up in reaction to the data (see prior post), including the 2-year which traded above 5% as markets pushed to December the expectation of the first rate cut by the #FederalReserve. (Amazing to think that, just four months ago, #markets… pic.twitter.com/gmZDG1xxGU

FITCH, on Q1 #GDP: ".. The hot inflation print is the real story in this report. If growth continues to slowly decelerate, but inflation strongly takes off again in the wrong direction, the expectation of a Fed interest rate cut in 2024 is starting to look increasingly more out…