U.S. GDP, ECI Both Miss; Yields, Dollar Plunge

So obviously U.S. GDP is the biggest econ print of the day. Of course in terms of the Fed's reaction function and markets more generally (and do note that thanks to the increasingly reflexive relationship between the FOMC and market participants, the former's reaction function is becoming indistinguishable from the latter's behavior), it takes a backseat to inflation and jobs data. In that regard, the ECI number is probably more critical. Here are the estimates and priors: 8:30am: GDP Annuali