The US GDP report is due out tomorrow and the consensus is -0.3% but I suspect the market shifted to a worse number in light of the poor trade balance data released today.
"After this morning’s Advance Economic Indicators release from the US Census Bureau, the standard and alternative model nowcasts of the contribution of net exports to first-quarter real GDP growth declined from -4.90 percentage points and -2.85 percentage points, respectively, to -5.26 percentage points and -4.05 percentage points," the Atlanta Fed writes.
For tomorrow's GDP report, the market is more likely to focus on final sales to domestic purchasers in the GDP report as it will look through some of the trade turmoil.
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