Atlanta Fed GDPNow ticks to 3.4%; cuts April retail control to 0.1% from 0.3% prior.
Macro
The model nowcast remains comfortably above consensus. The downward revision to retail came alongside a small upward tweak to net exports. Q2 tracking now sits ~80bp above Bloomberg consensus.
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Angle
± SPREAD+4% target-2% stop4-6 weeks
If GDPNow holds, the cut path priced into front Eurodollar / SOFR is too aggressive. Reds-greens steepener is cheap if growth keeps surprising.