The tone of nearly all incoming economic data shifted during May. The overall weakness in April’s data (released in May) contributed to volatility in the major asset classes, partly because investors were caught off guard after several quarters of economic strength. Following the disappointing data, GDP expectations throughout the second quarter (according to Atlanta Fed’s GDPNow model) dropped substantially from 3.9% to 1.8% as of June 3, 2024.
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