I am getting the sneaking suspicion that there is an inventory situation going on here, which means that growth could be even weaker. That is a bit troubling to me.
More Quotes from Joe LaVorgna:
The foundation for healthy current quarter consumption appears to be in place, as spending could easily recover strongly. Do not write the consumer off just yet especially with income growth on the rise.Joe LaVorgna
Inventory building last quarter was less than what we were thinking, which actually bodes better for growth this quarter. Current quarter growth prospects are bright.
Joe LaVorgna
The Treasury market likes the headline because it was weaker than what it thought.
Joe LaVorgna
It's been an uninspired, insipid day of trading. We are biding time for the next big report.
Joe LaVorgna
The NAPM report is another piece of information that fits the market's mindset that the Fed's tightening is close to being done.
Joe LaVorgna
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