US: Q1 GDP likely to be revised lower to 3.0% - TDS

Analysts at TD Securities point out that the market is looking for the US Q1 GDP to be revised lower to 3.0% from 3.2% in the first release.

Key Quotes

“This would leave Q1 growth sitting well above trend, although Q2 is shaping up to be softer with nowcasts from the NY and Atlanta Fed in the 1.3-1.4% range.”

“Advance economic indicators for April and initial jobless claims will round out the data flow; the market consensus is for jobless claims to edge higher to 215k from 211k for the week of May 25, while the advance goods trade deficit is expected to widen to $72.7bn.”

“Lastly, the Fed's Clarida will speak to the Economic Club of New York at 12:00 ET.”