GDP Data This Week

We have one interesting piece of economic data to look forward to later this week. The advance estimates of first quarter GDP growth will come out on Thursday. The consensus forecast seems to be for a big, big positive number, with perhaps around 5.0% annualized growth.

This release takes on added significance because the Fed’s Open Market Committee meets the following Tuesday (May 4) to decide whether a change in interest rates is called for. The proportion of Fed-watchers expecting an interest rate increase next week is small (most seem to expect an interest rate increase sometime over the summer, which this informal poll also indicates), but it could grow somewhat with a blowout number on Thursday. Stay tuned for all the excitement…

Kash

p.s. Yes, you know you’re an economist when this stuff classifies as “excitement”…