GDP Revisions Hammer Home ‘Bad Is Good’ Message

It's all going according to plan. Famous last words, I know. GDP revisions released on Wednesday were yet another example of bad news of the good variety. The US economy expanded at an annual rate of 2.1% last quarter, the BEA said. That was down from the advance estimate but still perfectly healthy. The revisions came on the heels of a string of data which suggested the economy is cooling around the edges, consistent with the kind of controlled slowdown the Fed is hoping to engineer. Pers