Let us be clear: any of the members of the FOMC who marked up their estimate of 2019 growth because of the strong first quarter is an under briefed moron, who does not belong on any forecasting or policy body: Tim Duy: Fed Sticking With "Patient" Policy Stance | Tim Duy's Fed Watch: "The minutes of the April/May FOMC meeting revealed that participants were generally comfortable maintaining the 'patient' policy stance initiated in January. While some policymakers recognized that special factors boosted the first quarter growth numbers, the mood was fairly optimistic: 'For this year as a whole, a number of participants mentioned that they had marked up their projections for real GDP growth, reflecting, in part, the strong first-quarter reading. Participants cited continuing strength in labor market conditions, improvements in consumer confidence and in financial conditions, or diminished downside risks both domestically and abroad, as factors likely to support solid growth over the remainder of the year...
#noted
