JPMorgan takes an axe to GDP forecast after today's durable goods orders report

Big downgrade

JPMorgan now sees Q2 GDP at just 1.0% in the US. That's down from 2.25% with the drop coming after durable goods orders. Goldman Sachs is down to 1.3% from 1.5%.

Remember, the trade war doesn't even really start until June 1 when the tariff increases on Chinese goods that weren't in transit when it was announced. Never mind the counter-measures.