US: Q1 GDP and durable goods order in focus - TDS
|The research team at TDS suggests that US economic data returns to the forefront with the second release of Q1 GDP and durable goods order for April due today.
Key Quotes
“TD looks for a 2.4% m/m decline in headline durable goods orders (market: -1.5%) due to a sharp correction in aircraft orders. We expect ex-transport orders to be more upbeat and post a 0.5% m/m increase, roughly in line with the 0.4% consensus. Markets are expecting modest upward revisions to Q1 GDP, with the consensus calling for 0.9% q/q (annualized) versus the initial print of 0.7%.”
“The final reading of University of Michigan Sentiment for May is the last item on the calendar and markets expect only a modest downward revision to 97.5 from 97.7. We will also be watching for signs of stabilization in long-term inflation expectations which returned to record lows in the preliminary print.”
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