Markets have over-reacted to today’s first quarter GDP stats. Quarterly numbers are by nature volatile; it’s more important to look at them in a broader context, which the following charts provide.Chart #1The first estimate of Q1/24 GDP growth came in weaker than expected (1.6% vs 2.5%). But as I see it, that merely corrected for some stronger-than expected numbers in Q3 and Q4. On balance, and
