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The Fed will like core PCE services ex-housing, but not the ECI.
Bigger falls in core capital goods orders are coming; net trade was broadly neutral in Q1.
Expectations signal weaker consumption, but not a disaster.
Homebuilders continue to slash prices to shift excess inventory.
Sales rose in Q1, but expect a reversal in Q2; a sustained recovery remains a long way off
Prudent tweaking after SVB, or a failure of imagination?
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