18Q1 GDP is shaping up relatively poorly, with few forecasters expecting as much as 2.25% growth, and this after a relatively strong 17Q4 at 2.5%. The culprits are many including; delays in income tax refunds, weak inventory rebuilding due to soft post-Christmas retail sales, growing fears of a trade war, sluggish new housing starts, and surprisingly weak corporate investment in plant and equipment despite tax cuts which encourage capital expenditures.