by Mike ‘Mish’ Shedlock
In the wake of a dismal personal income and outlays report today, the Atlanta Fed GDPNow Model forecast plunged to +0.6%.
Recall that on March 21, Atlanta Fed president Dennis Lockhart cited “sufficient momentum evidenced by the economic data to justify a further step at one of the coming meetings, possibly as early as the meeting scheduled for end of April.”
I took exception to that claim when he made it, and a couple of times since then. Specifically, I cautioned Lockhard better wait for some more economic reports.
Since then, most economic reports have ranged from muddle-through to terrible.