GDP Rev 2 (month after Rev 1)
The second revision to the 1st Quarter Gross Domestic Product (GDP) reading was posted at 8:30 AM ET this morning, revealing the economy contracted at a 1.6% annual rate, signaling the economy was a bit softer during the first three months of the year than previously thought. Weaker economic activity is generally good news for bonds, but this data is aged at this point and the current quarter’s activity will be posted next month. Accordingly, we have not seen much of a reaction to the revised number.