Looks Like Q1 Real GDP Growth Will Print Negative

Consumers are stretched and real wages are under pressure

Highlights

• Pace of economic activity points to a decline in Q1 GDP

• Bond investors hoping for the best from the Fed today, but priced for the worst

• S&P 500 “fair value” shows lots of air beneath this momentum-driven rally

• Households are devoting more of their disposable income to service debt

While We Were Sleeping

It’s a mixed start to the session.…