Everyone lowered their GDP forecasts after retail sales
Lower Q1 US GDP estimates across the board
- Morgan Stanley to 2.9% from 3.3%
- JPMorgan to 2.5% from 3.0%
- BAML to 2.0% from 2.3%
- Barclays to 2.3% from 2.5%
- Atlanta Fed to 3.2% from 4.0%
The CPI number had a lot of quirks in it today. You can argue that retail sales is the more-important number for the economy going forward. It wasn't pretty.