GDP Rev 1 (month after initial)
The first is the revision to the 1st quarter Gross Domestic Product (GDP) was posted at 8:30 AM ET this morning, showing that the economy actually contracted during the first three months of the year at an annual rate of 0.7%. This decline was expected and matched analysts’ forecasts. Since it showed the economy shrank last quarter, we can consider the data slightly favorable for bonds and mortgage rates. Because it was of no surprise to the markets though, we haven’t see much of a reaction to the news.