US economic growth looks grim, door for June rate hike now firmly shut?

The White House lawn in Washington DC.

“Despite the Fed’s best efforts to leave the door open for a hike at the next meeting, today’s GDP data risks blowing it firmly shut. The data, showing a rise of  just 0.5% in the first quarter versus expectations of a rise of 0.7%, undermines the more hawkish Fed tone from last night and does little to justify an imminent raise.”

Tom Floyd quoted in The Telegraph

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