Face The Fire! Q2 GDPNow Declines To -52.8% On Dismal Construction Report, Yield Curve Steepens and Dow Rises 92 Points

Today’s construction report was not good. Construction in the US fell by 2.9% in April with residential declining 4.5% MoM.

Leading the Atlanta Fed’s GDPNow forecast for Q2 to fall further to -52.8%.

But in spite of the COVID lockdowns and nationwide protests, the US Treasury Yield Curve steepened with long rates rising.

And the Dow rose almost 100 points.

Face the fire!

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