False Dawn?

(1) Q2 GDP release coincides with next FOMC meeting. (2) Curbing our enthusiasm. (3) Might it be half as much as expected? (4) Beware of “false dawns.” (5) Consumer spending still leading the way higher. (6) Residential construction has stalled, while spending on home improvements is down. (7) Capital spending on equipment looking good, but not so good on structures. (8) Inventories turn from big drag to small boost. (9) Exports are up, but imports are up more.