US: Q4 GDP growth to disappoint at 2.2% - TD Securities
|"Following weak December retail sales and core capital goods data, we look for Q4 GDP growth to disappoint at 2.2%," said TD Securities in a recently published report previewing next week's macroeconomic data releases.
Key quotes
"While consumption expenditures should be respectable (upper 2% range), we look for drags from housing and inventories. Note that, due to the shutdown, this report will be a combination of the initial and second releases; there will only be one subsequent revision."
"Chair Powell gives two days of Congressional (formerly known as Humphrey-Hawkins) testimony. Expect him to emphasize patience, stating that any more hikes this year would likely require some pickup in inflation. On the balance sheet, he will not front-run the FOMC and announce anything new, but repeat that the Committee expects runoff could end later this year."
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