Final Atlanta Fed GDPNow Q1 estimate -2.7% vs -2.4% prior

The US GDP report is due out tomorrow and the consensus is -0.3% but I suspect the market shifted to a worse number in light of the poor trade balance data released today.

“After this morning’s Advance Economic Indicators release from the US
Census Bureau, the standard and alternative model nowcasts of the
contribution of net exports to first-quarter real GDP growth declined
from -4.90 percentage points and -2.85 percentage points, respectively,
to -5.26 percentage points and -4.05 percentage points,” the Atlanta Fed writes.

For tomorrow’s GDP report, the market is more likely to focus on final
sales to domestic purchasers in the GDP report as it will look through some of the trade turmoil.