For those who do not understand what just happened:

First, Q1 2024 GDP growth slowed to just 1.6% which is less than HALF of the 3.4% Q4 2023 number.

This reading is roughly 50% BELOW Goldman Sach's expectations.

But it gets even worse.

At the same time, the US Core PCE Price Index soared from 2.0% to a staggering 3.7%.

This crushed estimates of 3.4% and further suggests that inflation is on the rise.

We have a weakening economy with rising inflation.

The worst possible outcome for the Fed.