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Counter to GS raising their Q1......>

US DATA PREVIEW
US DATA PREVIEW: Counter to GS raising their Q1 GDP est to 2.2%, Morgan Stanley
economists are looking for a "1.6% (SAAR) gain in the advanced release of 1Q GDP
following a 2.9% rise in 4Q last year" citing seasonal bias "playing a part in
the soft incoming data and our soft tracking estimate for the first quarter." MS
notes "1Q GDP growth has been the weakest quarter of the year" historically
speaking, while they note it's "not yet certain whether the BEA has managed to
fully correct for residual seasonality in the data. It is unlikely that a
disappointing 1Q print would signify a worrisome slowdown, and we would expect a
rebound in 2Q."  

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