We kicked off the day with Export Sales, Core PCE Price Index MoM & YoY, PCE Price Index MoM & YoY, Personal Income MoM, and Personal Spending MoM at 7:30 A.M., Chicago PMI at 8:45 A.M., Baker Hughes Oil & Total Rig Count at 12:00 P.M., and Fed Bostic Speech at 5:15 P.M.

Photo by Waldemar on Unsplash

The US economy grew by an annual rate of 1.3% in Q1 of 2024. This was down from the advanced estimate of 1.6%. That figure is the real or inflation-adjusted growth rate. The nominal GDP rate was even lower at 1.1%, reflecting economic growth of $298 Bil for the quarter. This compares to Federal Debt growth of $585 Bil, which lifted the total Federal Debt to $34.6 TRILLION versus a GDP of $28.3 Tril. On a per capita basis, economic output was $84,106 against a Federal Debt of $102,950. The Debt/GDP ratio rose to an 11-quarter high of 122.4%. Rising tax rates and higher inflation lock in to be the consequences that will be REALIZED in the coming years.

CBOT grain futures are higher heading into the weekend as we wait for the Export Sales report. The central US weather forecast is non-threatening which has traders wondering whether the overnight bounce can be sustained? U.S. crops are off to a favorable start with the seasons 1^st U.S. crop condition ratings to be released on Monday. I’m looking for a bottom formation. Ag Resources (ARC) looks for corn good-to-excellent ratings to be over 70% with soil moisture levels at their best level in years. Let’s see if the grains can sustain this rally (with all the volatility) into next week. Do I dare say I smell a bottom?

Remember Foreign Investment & Free Enterprise will determine where we go from here.

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