People are closely watching the US data at present to see what the impacts of the recent tariff decisions by the new US President might have. I am no exception. Yesterday (April 30, 2025), the US Bureau of Economic Analysis published the latest US National Accounts figures – Gross Domestic Product, 1st Quarter 2025 (Advance Estimate) – which provides us with the first major data release since the new regime took office. The fact though is that this data cannot tell us much about the tariff decisions, given that Trump’s – Executive Order 14257 – only really became operational on April 4, 2025, although there had been some earlier tariff changes before then....William Mitchell — Modern Monetary Theory
US National Accounts – growth contracts but likely to be temporary
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia
“ Compared to the fourth quarter, the downturn in real GDP in the first quarter reflected an upturn in imports, a deceleration in consumer spending, and a downturn in government spending that were partly offset by upturns in investment and exports.”
ReplyDeleteA complementary Fed would be lowering interest rates to foment a greater increase in domestic investment and consumer spending to offset the decreases…,
Art degree moron “money pumpers!” at Fed are manifest politically hostile to democratic elected POTUS…. All Should be fired at Fed … replaced with non political hostile complementary regulators…
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