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Dragon Energy? GDP, ECI Beat, Personal Consumption Weakest Since 2013
Well, the "synchronous global growth" meme didn't get much in the way of help from U.K. GDP on Friday, as Q1 growth basically flatlined at 0.1%, missing estimates and casting serious doubt on a May BoE hike that not long ago was seen as baked into the cake. The pound was crushed on the news - the SONIA curve is now pricing just a 20% chance of a May hike, down from 50% on Thursday. Unfortunately, that can't be blamed on the weather.
So that's a rather inauspicious sign for the growth narrative
“Core PCE QoQ, est. 2.5%, prior 1.9%”
Queue the next rate increase.