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Annual revisions to GDP show moderately.....>

US DATA
US DATA: Annual revisions to GDP show moderately slower growth for 2016 (+1.5%
vs prev +1.6%), and moderately faster growth for 2014 (+2.6% vs +2.4%), and 2015
(+2.9% vs +2.6%), but taken together, growth over the last three years was only
altered very slightly, revised up to +2.3% vs +2.2%. The 2016 core PCE price
index was revised up to +1.8% from prev +1.7%, while the 4Q Y/Y core PCE price
gain was revised up to +1.9% vs +1.7%, reflecting upward revisions to 2Q16 and
3Q16, which may raise some attention. Overall, however, the revisions were
rather mild in size and will not displace the emphasis on the more recent data.
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