GDP up 2%, Break Out the Champagne — Matthew Johnson #5846

Financial Survival Network · Jun 30, 2023 · 23m · transcript

The U.S. economy showed much stronger-than-expected growth in the first quarter than previously thought. GDP increased at a 2% annualized pace for the January-through-March period, up from the previous estimate of 1.3%. The upward revision helps undercut widespread expectations that the U.S. is heading toward a recession but I am not so sure that is realistic if the Fed’s continue pushing rates higher. We all know inflation has finally hit 4% according to the CPI but consumer spending, as gauged by personal consumption expenditures, rose 4.2%, the highest quarterly pace since the second…