This GDP projection from the Atlanta Fed has come way down for the 1Q from when it was first published. IIRC they were a bit above 4% while we just reported a 2.3%.
You can't end 4Q with a change in tax POLICY that forces a $40B (4%) markdown in capital at the depositories and still expect things to carry on iaw the 4Q growth trend sorry.
That tax bill simply was not well thought out... I hope this short term effect of the change in policy effecting $40B of certain financial asset values is all that is damaging about it...
We'll have to see how long it takes the depositories to recover from this; they seemed to have made progress towards recovery in 1Q and reported strong profit growth but effects may still linger here into the 2Q.
RT movement_cap: atlanta fed gdp now 5.0% -> 2.0% in two months pic.twitter.com/6OmZgDxiEn
— Robert Hyndes (@trhyndes) April 26, 2018
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