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    GDP Revision Better Than Expected, Clarida Comments On Inflation

    May 30, 2019
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    Image: Bobak Ha'Eri

    GDP Data

    Gross domestic product increased at a 3.1% in the first quarter, revised down slightly from the 3.2% pace it estimated last month. The revision was forecast to be lower, at 3.0%, so this reading is seen as a positive sign of the strength of the economy.

    Gross domestic output--the average of GDP and GDI--increased by 2.2% for Q1, up from 1.3% in Q4.

    Clarida Speaks In NY

    Richard Clarida, Vice Chairman of the Fed, spoke at the Economic Club in New York today. Given the inconsistency of recent data, his comments were widely anticipated. He doubled down on transitory language to describe inflation remaining below the Fed's 2% target, however, some interpreted his comments as dovish as he noted that "downside risks could call for more accommodative policy." He added that the Fed "would consider interest rate cuts if the growth outlook darkens."

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    CDM Staff

    The mission at Creative Destruction Media is to be the catalyst for the "process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one."
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