Another GDP estimate falls

The New York Fed cut its GDP tracker to 1.4% from 1.8% this week. Last Friday it was lowered from 2.2%.

Data has turned negative and that's the story on US growth and at least part of the story for the negativity in markets. The drop in today's durable goods orders report "drove most of the decrease," according to the NY Fed.

If we're headed into a trade war, it's tough to imagine the numbers getting much better.