The first of two revisions to Q1 GDP indicated U.S. consumers struggled more than previously thought in early 2024, while inflationary pressure was slightly less. A significant downward revision to the personal consumption component pulled overall GDP growth down from a previously reported +1.6% to +1.3% (QoQ SAAR), matching the median forecast. Despite the apparent softening, the economic outlook remains brighter than Fed officials would like.

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