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US Strong GDP Largely Faded

DATA REACT
  • US real GDP was notably stronger than expected in the Q4 advanced release, up 6.9% annualised (cons. 5.5%) after 2.3% in Q3.
  • There has been very little market reaction to it though, potentially as the press release attributes one of the main contributions to private inventory investment of which motor vehicle dealers was a key component (and likely to reverse going ahead).
  • The lack of reaction is more consistent with personal consumption coming in broadly in line, 3.3% annualised vs 3.4% expected. Core durable goods orders for Dec were broadly as expected after revisions, with two subdued prints.
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