Growth estimates quickly falling.
The first quarter is shaping up to be a setback in the US economic recovery. The easy-to-blame culprit is the weather but either way it will leave Fed hawks in a more precarious position.
Goldman Sachs now sees the US growing at a 1.2% pace in Q1 compared to 1.4% previously. Goldman has quickly been slashing estimates, just a week ago their estimate stood at 2.0% but soft durable goods orders began a parade of lower revisions.
Morgan Stanley saw Q1 at just 0.9% before today. Amherst Pierpont forecasts 0.5%.
The consensus remains 2.2% but that will undoubtedly be lowered before the first official estimate is released.
