Stocks were able to rally modestly Friday helped theoretically on hopes Janet Yellen will say something bullish in a speech she’s giving 15 minutes before the close of trading.
(The official Fed release Yellen stated to “expect gradual interest rate increases this year”.) Nothing bullish there! And I’m hardly alone in thinking the Fed is trapped at zero.
The leading news was the poor GDP report showing the economy continues along weekly. GDP data showed the economy at a lowly 2.2% vs 2.4% expected & prior 2.2%.
Summary and Commentary
The GDP full report is best summarized by Consumer Metrics Institute.
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