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Apr 28 - 09:55 AM

USD: US Q1 2022 GDP: The Engines Of The US Economy Were Sputtering To Open 2022 - CIBC

By eFXdata  —  Apr 28 - 08:59 AM

CIBC Research discusses its reaction to today's US Q1 2022 GDP print.

"The engines of the US economy were sputtering to open 2022, but private sector domestic demand was still sparking. Real GDP decreased at an annualized 1.4% in Q1 compared to consensus expectations for roughly 1% growth. But that was heavily weighed down by a drop in exports as some of America’s trading partners are not as far along in the recovery, a tilt in US demand that drew in imports, and much lighter inventory accumulation that chopped 0.8% from the growth rate. Net trade and inventories aren’t likely to be as much of drag in upcoming quarters," CIBC notes. 

"While the growth pace was a shock to the downside, until employment growth slows, the Fed will be focused on hiking rates to bring those inflation pressures back down to the earth, making next week’s payrolls numbers more relevant to the pace of monetary tightening," CIBC adds. 

Source:
CIBC Research/Market Commentary

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