Yesterday, the Wall Street Journal editorial board pointed out that over the last five years, seasonally adjusted first quarter GDP growth has come in at an average of 0.60% compared to an average of about 2.5% for the second, third, and fourth quarters.
Here’s what the chart looks like.
Maybe this is just randomness, but it looks more like there is something distorting the accuracy of the seasonally adjusted GDP in the first quarter. It sure makes one reconsider the wisdom of a data dependent monetary policy.
Jeremy Jones, CFA
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