US Dollar Index Edges Lower, US Q1 GDP Second Estimates Prints at 1.3%
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US real gross domestic product(GDP) increased at an annual rate of 1.3% in Q1 of 2024 according to the second estimate released by the Bureau of Economic Analysis. In the fourth quarter of 2023, real GDP increased 3.4%.In the advance estimate, the increase in real GDP was 1.6%. The update primarily reflected a downward revision in consumer spending.
Other data showed the price index for gross domestic purchases increased by 3.0% in Q1, a downward revision of 0.1% from the previous estimate. Thepersonal consumption expenditures (PCE) price indexincreased 3.3%, a downward revision of 0.1%, and excluding food and energy prices, the PCE price index increased 3.6%, a downward revision of 0.1%.
Today’s data did little to move interest rate cut expectations with the November FOMC meeting seen as the likely date for the first 25 basis point cut.
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The US dollar slipped lower after the data release, but the move was limited. US Treasury yields also fell by 2-3 basis points, trimming recent gains.
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