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Outmatched. Troubling US economic data released this morning is suggesting that the Fed has lost control. What are the numbers saying, and how have markets reacted?
The Gross Domestic Product (GDP) of the United States, a crucial indicator of economic growth that measures the value of goods and services produced, rose at an annualized rate of 1.6% in the first quarter of 2024, driven primarily by non-discretionary fixed investment and government spending and falling well short of the 2.4% consensus expectation.
Simultaneously, the personal consumption expenditures (PCE) price index, a key inflation variable, came in at an annualized rate of 3.4% for Q1, beating expectations of 3.4% and soaring from the 2.0% reading last quarter.
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