Pleasant Performance

 Real GDP in 18Q1 grew at an annualized rate of 2.3%, beating expectations of 2%. This was the best Q1 growth since 2015 and keeps us on track for growth of at least 2.75% in 2018. It slid from 2.9% in 17Q4 due to post-hurricane declines in car purchases and home repairs. Growth was buoyed by business investment in equipment (now enjoying very favorable tax treatment), non-residential structures, and inventories.

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