US first quarter GDP was revised up 0.3 percentage points this morning to a seasonally adjusted annualized rate of 0.8 percent. The Bloomberg Econoday consensus was a bit more at 0.9% in a range of 0.5% to 1.1%.
Is the economy getting too hot? Well, the Atlanta Fed sees its current quarter Gross Domestic Product (GDP) approaching 3.0%, a number never reached on an annual basis under President Obama, but it still might have spooked the Fed.
The Fed has been responsible for every recession in the past 100 years. Paul Krugman, Nobel Prize-winning economist
If, at the end of April, you would have told me stocks would now be knocking on the door of new 52-week highs, I might have looked at you with more than a slightly skeptical eye.