Yesterday's 1Q GDP revision shows US solidly sliding into expansion, and Fed reveals something surprising

Yesterday's 1Q GDP revision shows US solidly sliding into expansion, and Fed reveals something surprising
Yesterday's 1Q GDP revision shows US solidly sliding into expansion, and Fed reveals something surprising

NEW: Section (above) added identifying Key Recommendations and Super Grannies

We publish on a 3-day a week schedule:

– Monday
– SKIP TUESDAY
– SKIP WEDNESDAY <– July 4th Holiday
– SKIP THURSDAY
– Friday

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Today’s note will include a short video update. Please click to view. We discuss how GDP data today shows the US is sliding into an expansion.  And Powell himself told us it is OK to “fight the Fed” for now (duration 4:27):

Yesterday's 1Q GDP revision shows US solidly sliding into expansion, and Fed reveals something surprising

WORD OF NOTE: I am visiting clients in Japan this week, and updates less complete given schedule

In addition to the video above (see description), we have included our presentation to Japanese investors.  Overall, we focus on opportunities stemming from the inflation crisis and see cyclicals leading in second half. Please click HERE to view.

ECONOMIC CALENDAR: FOMC key in June

Key incoming data June

  • 6/1 10am ET May ISM Manufacturing Tame
  • 6/2 8:30am ET May Jobs report Tame
  • 6/5 10am ET May ISM Services Tame
  • 6/7 Manheim Used Vehicle Value Index May Tame
  • 6/9 Atlanta Fed Wage Tracker April Tame
  • 6/13 8:30am ET May CPI Tame
  • 6/14 8:30am ET May PPI Tame
  • 6/14 2pm ET April FOMC rates decision Tame
  • 6/16 10am ET U. Mich. May prelim 1-yr inflation Tame
  • 6/27 9am ET April S&P CoreLogic CS home price Tame
  • 6/27 10am ET June Conference Board Consumer Confidence Tame
  • 6/30 8:30am ET May PCE
  • 6/30 10am ET June Final U Mich 1-yr inflation

Key data from May

  • 5/1 10am ET April ISM Manufacturing (PMIs turn up) Positive inflection
  • 5/2 10am ET Mar JOLTS Softer than consensus
  • 5/3 10am ET April ISM Services Tame
  • 5/3 2pm Fed May FOMC rates decision Dovish
  • 5/5 8:30am ET April Jobs report Tame
  • 5/5 Manheim Used Vehicle Value Index April Tame
  • 5/8 2pm ET April 2023 Senior Loan Officer Opinion Survey Better than feared
  • 5/10 8:30am ET April CPI Tame
  • 5/11 8:30am ET April PPI Tame
  • 5/12 10am ET U. Mich. April prelim 1-yr inflation Tame
  • 5/12 Atlanta Fed Wage Tracker April Tame
  • 5/24 2pm ET May FOMC minutes Dovish
  • 5/26 8:30am ET PCE April Tame
  • 5/26 10am ET U. Mich. April final 1-yr inflation Tame
  • 5/31 10am ET JOLTS April job openings

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34 Granny Shot Ideas: We performed our quarterly rebalance on 4/26. Full stock list here –> Click here

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