The final estimate of US Q1 GDP was revised down from 2.4% (saar) to 1.8% (saar). The downward revision to GDP was largely due to the lower consumption of services, which contributed 0.8%pts (saar) to GDP, down from a 1.4% (saar) contribution. However, business investment was also softer. US bond yields retreated and US stocks lifted as the timing of the Fed’s tapering was appropriately re-assessed. Today personal income and spending data is due, along with pending home sales. Several Fed speakers are due: Dudley (1pm), Powell (1.30pm), & Lockhart (3.30pm)
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Commonwealth Bank