Action Economics Survey results:
Action Economics Survey results: the immediate focus is on the French presidential election. It's a close call between the four contenders, with the outcome even more uncertain on the heels of the surprise Brexit and Trump victories. Meanwhile, back in the USA, it will be a busy couple of weeks. Congress returns and will have just four days to deal with the debt limit before the April 28 deadline. Earnings reports will flood the newswires. The data flurry also will be important. Q1 GDP is due Friday and the Survey Median shows a slowdown to a 1.3% growth rate, versus Q4's 2.1%. But, estimates ranged widely from 0.7% to 1.9%. The April jobs report will headline the following week and the Median shows a solid pick-up in nonfarm payrolls to 185k from the soft 98k in March. No one anticipates any rate action from the FOMC on May 3 at this point, though a 25 bp tightening is still projected for the June 13, 14 meeting.