The preliminary estimate for GDP showed a larger decline for the first quarter of the year than the advanced estimate released last month, down -1.0% vs. -0.1% prior (consensus -0.5%). The decrease in real GDP in the first quarter is attributed to negative contributions from private inventory investment, exports, non-residential fixed investment, state and local government spending, and residential fixed investment. Personal consumption came in line with expectations, up +3.1% vs. +3.0% prior. Initial jobless claims came in at 300K vs. 326K prior and continuing claims posted 2631K vs. 2648K prior (revised). Pending home sales are expected to slow to +1.0% following March's jump of +3.4% (MoM). 10-Year notes broke through the 2.47% resistance level yesterday, and the curve is opening flat to yesterday's close. Daily momentum is bullish and overbought.
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