Remember that tepid Q1 GDP reading of 1.3%? Never mind. The Commerce Department has decided in its third estimate that the actual growth was 2.0%. This massive revision, regardless of the cause, certainly won’t do much to encourage another Fed pause or reversal. Neither will the lower than expected initial claims or the 4.1% GDP deflator.
Futures could have trouble holding the 10-day moving average again today.
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