Parsing through the nuances of the GDP report can easily miss the forest for the trees:
— Bob Elliott (@BobEUnlimited) January 26, 2023
US nominal growth remains too strong relative to US productive capacity growth for the Fed to meet its mandate. 4Q nominal GDP was 6-7%, but productive capacity is only growing 1-2% (next): pic.twitter.com/ijnmk0t2pV
Interesting macro thoughts