Okay, is that a minus 0.7%? Have to check. Meanwhile, back in April, the revised estimate was a paltry 0.2%.
Back in December, consensus was that 1Q15 US GDP would be 2.9%. This was gradually revised down to 1-1.25%.
Wall Street is forecasting a big downward revision to -0.9% from 0.2%.
I suppose if the revised GDP comes in 0.00% or anything above 0.00%, the market will surge. Otherwise, flat to huge sell-off. If there is no huge sell-off with a negative GDP reading, it means that the "movers and shakers" already anticipated the negative reading and that accounts for the down days we've had this month.
The third (and last) estimate is released June 24 for those looking that far ahead.
From almost 3% back in December's estimate to a minus 0.7% now. Pretty fascinating.
[Update, 2: 14 a.m. May 29, 2015: I just love the spin. 1Q15 GDP is likely to be revised downward. By a lot. And now only down, but into negative territory. And Reuters' assessment: fundamentals strong. This is so bizarre, I had to take a screenshot: I can't make this stuff up:
Tea Leaves Couldn't Be Any Clearer: Obama Is Suffering From Iraq Fatigue
Iraq is on its own. We've done all we can.
My hunch is he has the same thoughts about Israel.