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indeed.com slash Peter Peter terms and conditions apply. The secret

word is stagflation although I guess it's not so secret anymore there are a lot of people talking stag

inflation this week particularly on Thursday and again today on Friday of

course I've been talking stagflation for a long time on this podcast so it's no surprise to my

listeners that stagflation is in fact the economic condition that were in,

except it's going to get a lot worse as far as the economy

getting even weaker and inflation getting even stronger.

But what really started the conversation going yesterday was the GDP report that came out for the first

quarter and the the consensus estimate was 2.3% which would have been a slowdown from the prior quarters 3.4 so people were looking for the GDP to come in smaller but it was a lot

lower than the consensus it came out at 1.6 which was actually just below the low end of what they were looking for.

The range of estimates was a low of 1.7 to a high at 2.8, so we slid in at 1.6 but what was really problematic was when they you know dug in in the numbers

It was the the PCE the core PCE in particular, although the personal consumption expenditures and the number actually was lower than estimates.

They were looking for 2.8, it was 2..5 which was below the 3.3 so that's a slowdown in

and spending and GDP but the core PCE in particular came in a bit hotter quite a bit and there was some revisions to January

But what's important is that the core PCE which supposedly is the Fed's favorite measure, this is the one that's supposed to be going

down towards two and instead it's going up in the other direction and it's been moving up all year and so that sent a scare

through the markets I think the Dow at one point was down maybe 600 points

although it paired most of those gains not you know by the clothes and then you know made them up today I mean it was still an up week for the stock market particularly the the Nasdek which you know didn't get back all of last week's losses last week it got killed I

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