The Negative Narrative in the US Data

Howard Stein: Stronger GDP, less of a hit on employment, slower progress on inflation. I'm wondering in this sort of where's the disinflation coming from? The labor market is going to be stronger it looks like it's not coming from there. Demand is not coming down all that fast according to GDP. You've doubled your estimate of GDP. So what's the narrative here? It seems like it's getting more immaculate rather than a little messy.