Poor Revisions And A Wide Disparity

The final read on Q4 US GDP found the government revising core PCE price growth higher and personal consumption lower, unwelcome developments, "stale" as the information most assuredly was. The downward revision to personal consumption in Thursday's release put the final print miles below initial market expectations. Headed into the advance estimate, consensus expected personal consumption to rise almost 3%. The initially reported 2.1% was thus a meaningful disappointment in its own right. The