No Excuse, Sir

March construction spending was much weaker than BEA assumed in yesterday’s +0.1% release, which means Q1 GDP is likely to be revised to -0.4%, barring other changes of course.

The internals of yesterday’s release, for example the collapse of exports, belie the “weather” excuse. The most hated asset class has apparently done the homework and has the same answer.

Meanwhile the “pump, pump, pump” in stocks goes on, despite massive internal divergences.

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