The report from the Commerce Department on Friday, which also showed strong consumer spending last month, offered some relief to financial markets spooked by worries of stagflation after data on Thursday showed inflation surging and economic growth slowing in the first quarter.
David Donabedian, CIO of CIBC Private Wealth U.S., warned the spike in core inflation seen in the latest GDP report is a major setback for the economy and the Fed.
The economy appears to be weaker than expected and inflation remains high, creating a challenging situation poncapost.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from poncapost.com Daily Mail and Mail on Sunday newspapers.