On tap for Friday: Q1 GDP...........>

US DATA PREVIEW: On tap for Friday: Q1 GDP (advance); Apr Michigan sentiment

index; Q2 St. Louis and New York Fed GDP Nowcasts.

- On the top end of the range, TD Securities economists estimate GDP "to advance

2.3% q/q saar in Q1, largely keeping with the economy's Q4 pace. Despite a

notable slowdown in consumer spending, we anticipate an offsetting shift from

negative to positive contributions for net exports and government spending.

Notably, residential investment likely contributed positively to growth for the

first time since 2017."

- CIBC economists are in line with MNI survey estimate of 1.8% Q1 GDP decline

from 2.2% prior, citing "higher interest rates, and slower global growth" and

potentially "amplified by the government shutdown and residual seasonality that

is still prevalent in the data according to research done by the Cleveland Fed."

- CIBC forward estimates a "strong labor market and higher wages should drive a

rebound in consumption in Q2, helping growth jump back up temporarily. However,

with higher interest rates holding back business investment, and the labor

market reaching full capacity, that strength should prove short lived."