Growth Estimates Reduced Again

GDP was revised from 2.2% to 2.0% — highlights: personal consumption lower than expected, prices higher than expected.  The market was ahead of this, with rates continuing to slide.  Bottom line, it doesn’t make a terribly compelling case for two additional rate hikes. Futures are off about 10 points, tagging our next downside target a day ahead of schedule.SPX closed 2017 at 2673.61.  Can it hang on to its slight gain for two more sessions?

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