Summary: The Europeans released their inflation numbers today. Year over year, inflation in the Eurozone are increasing at an average of 1.9%, which is Mario Draghi's objective. This is a 4-year high in CPI increase. How does Draghi justify more stimulus? In the U.S. growth is lower than forecast, while inflation is higher than forecast. That trend should be disturbing and it will continue.
Today we got the government's first estimate of GDP growth for the first quarter of 2017
If you remember, the Atlanta Fed has been steadily reducing its estimate for first quarter growth since February 1 of this year when it was estimating 3.4% GDP growth
The last downward revision happened yesterday as a result of more weak economic data that came out yesterday
Particularly on inventories
The Atlanta Fed made its final revision to the estimate for Q1, at least the estimate that we got today
And they were down to .2%!
The consensus for Q1 had also come down; but not nearly as much