Today's daily includes stories on the global economy, inflation, monetary policy and trade.
The magnitude of the revision is eye-catching. And my inner sceptic wonders how the initial data reads could have got it so wrong.
Daily newsletter post with thughts on the latest GDP numbers, a US-EU trade deal and the earnings numbers coming from social media companies
This is Credit Writedowns daily newsletter for 19 Jul 2018. The big issues: the US economy, Fed policy, currencies, trade and government deficits.
Global equities have rallied. Of course, stock prices are not the end all and be all, but it stands in stark contrast to the cries that the sky is falling.
The Fed is likely to continue to talk up the US economy. And I believe markets will react. With the yield curve at 32 basis points spread between 2- and 1-year Treasuries, we still have scope for further curve flattening.