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Was Q1 GDP “Grossly Distorted”? Oh, And We’ve Been Long RVs Since Day One
Right, so earlier today we got the first read on Q1 GDP and it wasn't... err... it wasn't great.
In fact, the economy expanded at the slowest pace in three years and consumer spending (which, like Ron Burgundy, is "kind of a big deal"), rose just 0.3%, the worst performance since 2009.
(BBG)
The knee-jerk market reaction was, to some, counterintuitive. USDJPY jumped with Treasury yields. As we were quick to note (and as reflected in the post linked above) the explanation was simple:
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The question is, “Are folks buying RVs for fun or to get out of Dodge fast?” By-the-by: The USA has depleted its stock of small diameter bombs, smart bombs, & Missiles. The major, nearly sole sources of supply currently? Boeing for the former and & Raytheon for the latter………
Fiscal stimulus vs. crystal stimulus
we’ll take crystal stimulus everytime