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President Donald Trump's Tariff Turmoil (TTT) is certainly upsetting global trade relations and confusing financial markets. This is all having an effect on the US economy, as evidenced by today's Q1 GDP report. The S&P 500 fell sharply in the morning when the Bureau of Labor Statistics (BLS) reported that real GDP fell 0.3% (saar) (chart). By the end of the day, the S&P 500 was up slightly from Tuesday's close.
On closer inspection, there was quite a bit of strength in the GDP report. Indeed, real final sales to private domestic purchasers rose 3.0% during the quarter!
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