A downward revision in Q4 GDP is expected this morning from the US. The preliminary reading was -3.8% but building inventories in the economy will push the economy further behind the eight-ball. The consensus forecast is for a revision to – 5.4%.
Since we are 2/3rds of the way through Q1, the market may not pay much attention unless the drop has a 6 or 7% handle on it.
