Marginally Constructive

US economic growth was slower than initially reported in the first quarter, closely-watched revisions released on Thursday showed. Headline growth was 1.3% in Q1, according to the second tally. That was in line with estimates. The advance read, you'll recall, was 1.6%, which represented a material undershoot versus the original consensus (2.5%). At this juncture, it's probably fair to say downward revisions are welcome. Equities are in a "bad news is good news" regime vis-à-vis macro relea