US: Trump Reiterates Costly Tax Pledges And Commits To 'Saving Medicaid

The Atlanta Fed's GDP Now estimate for Q1 GDP has fallen again in the latest update, to -3.7% (vs -2.8% in the prior estimate). The gold-adjusted estimate is -1.4% (was -0.5% prior).

• While the headline estimate is still skewed heavily by the gold import factor, interestingly for the first time in these updates, real private consumption is seen contracting (-0.6%), amid an even softer domestic demand estimate.
• "After this morning’s construction spending report from the US Census Bureau and incorporation of the available March data into the models’ dynamic factor model, including manufacturing data from Institute for Supply Management and measures of consumer attitudes from two surveys, both the standard model’s and the alternative model’s forecasts of first-quarter real final sales to private domestic purchasers growth declined from 1.5 percent to 0.4 percent."

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