US Economy Taps Brakes: GDP Growth Disappoints

GM and BRRR.

In financial news, yesterday reported one of the best days since January for the stock market, with Big Tech leading rallies. Early markets hesitated today, but we take this chance to look at falling GDP numbers from the first quarter, which are likely to determine the Fed’s rate decision next week, unless they’ve decided already (Powell admits to two rate-hikes in prank call video mentioned below).

From a victim of an apparent prank call, to scripted interview questions, today’s other articles point out the ridiculous for this Friday edition.

Lacking basic security questions or, any legitimate questions at all really, from senior leadership certainly doesn’t inspire the utmost confidence among younger generations. Especially as nearly 2/3 of every American under the age of 45 lives paycheck-to-paycheck, according to recent CNBC report.

Bitcoin clawing it’s way back to $30k, with some analysts indicating serious growth through 2024, but the same source indicates how the US Government may hold as much as 1% of BTC in circulation. 🤨


Here’s what we brrr’d today:

• US Economy taps the brakes: GDP Numbers lower than expected

• Powell get’s Punk’d & Biden cheat sheets caught in 4K

Prediction Contest Update

Next question soon.

US Economy Taps Brakes: GDP Growth Disappoints in Q1

• US economy slows in Q1 2023: The Bureau of Economic Analysis released an advance estimate for GDP, showing the US economy grew at an annualized rate of 1.1% in Q1 2023, below the forecast of 2.0% and the 2.6% annualized rate in Q4 of 2022.

• Personal consumption up: Despite the slowdown in GDP, personal consumption expenditures soared at a seasonally adjusted annual rate of 3.7% in the first quarter, much higher than the 1.0% rate in the fourth quarter of 2022.

• Imports & exports see growth: After both imports and exports saw negative rates in the fourth quarter of 2022, both increased in the first quarter of 2023.

• Data suggests cooling jobs: Based on monthly data from the Bureau of Labor Statistics, job growth in the first quarter suggests that while the labor market is still strong, monthly job gains have cooled. The US unemployment rate still sat at a historically low 3.5% in March.

• Inflation slows down: The Consumer Price Index shows price growth has rapidly slowed. With unemployment claims rising in recent weeks, data indicates tightening of lending standards by senior loan officers and small businesses. Delinquencies on consumer loans are rising, and the expected restart of student loan repayments in the next few months could force consumers to retrench elsewhere.
  Business Insider

Biden Using Cheat Sheet & Powell Gets Pranked

• Biden using cheat sheet: During a recent press conference, a photographer captured President Biden holding a cheat sheet with South Korean President Yoon Suk Yeol. The sheet contained a full text of a question he was going to be asked by a reporter along with her photo.

• White House managing Biden's decline: New York Post questions the degree to which Biden's handlers control the White House press corps, with only Nixon and Reagan have held fewer press conferences. This week, it was reported that the Democratic National Committee will not conduct any primary debates, seen as another effort to keep Biden's cognitive deficit from being showcased on national television.

• Jerome Powell doesn’t check caller ID: Apparently, Russian pranksters Vladimir Kuznetsov and Alexei Stolyarov tricked Federal Reserve Chairman Jerome Powell into a phone call, pretending to be Ukrainian President Zelenskyy earlier this year. The call covered a range of topics, but no sensitive or confidential information was discussed, according to a Fed spokesperson.

• Prank call on Russian State Television: Video footage of the call shows Powell answering an interviewer's questions, with the central bank head seemingly thinking he was speaking to Ukraine's leader. Fed spokesperson added that the video of the call appears to have been edited and they cannot confirm its accuracy.

• Previously Punk’d: The two Russian pranksters pulled a similar ruse on Angela Merkel and European Central Bank head Christine Lagarde.
  ZeroHedge & Bloomberg

AI ART OF THE DAY

Jerome Powell angrily picks up phone

The BRRR’s Portfolio

Yesterday was better, but still not as great as we have seen. Saved by Big Tech & Tesla

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