Action Economics Survey results:
Action Economics Survey results: the current focus is the potential for a partial government shutdown at midnight if the Senate fails to pass the CR. Analysts've been through this before, and as has always been the case, either there is an agreement at the 11th hour, or the government is shut for a period of time, with no meaningful impact to the economy. Meanwhile, Wall Street has stumbled after its record run higher to top 26k amid tax reform and expectations for improved economic growth. Concurrently, Treasury yields have been on the ascent on signs of rising inflation and expectations for Fed rate hikes. The preliminary Q4 GDP report highlights next week and the Survey Median points to a 3.0% rate of growth. That would be a third consecutive quarterly rate with a 3-handle, which would help validate the bull run in stocks. Other data on the calendar, including income, consumption, and durable orders, should support the positive tone too. It's still the case that no one anticipates a Fed rate hike at the end of the month, but a 25 bp tightening is projected for the March 20, 21 FOMC.