This week’s initial report on US gross domestic product for the first quarter is expected to post a mild slowdown, according to the median nowcast for a set of estimates compiled by The Capital Spectator. Several of the nowcasts foresee a slight pickup in growth and so it’s premature to rule out a degree of firming for Q1. But with some of the estimates calling for the slowdown to continue, it’s safe to say that there’s enough variability in the numbers to keep the crowd guessing until the end of the week, when the Bureau of Economic Analysis publishes its “advance” GDP report on Friday, April 26.
Continue reading →

Social Security’s trust funds projected to nearly run dry in 2035: CNN
Dem presidential candidates divided on question of Trump impeachment: Reuters
Fed may be inclined to tolerate bubble risk to keep expansion alive: Bloomberg
Oil prices rise to 6-month high as Trump Ends waivers for Iran’s crude: WSJ
Herman Cain withdraws from consideration for a seat on Fed board: USA Today
US growth continued to slow in March: Chicago Fed Nat’l Activity Index (3-mo avg):