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3 Numbers: Hefty upward revision expected for US first quarter GDP
The G7 summit in Japan concludes today, and basically nothing is expected from it. All the leaders seem to agree that competitive devaluations and Brexit are unwanted. Almost everyone agrees that monetary policy should remain accommodative, but there is no consensus on pushing deeper into the unconventional policy space. On the fiscal side there is no consensus, so probably the best we could see is a decision to co-operate on anti-terrorism. Next week’s European Central Bank meeting, followed by the Federal Reserve’s meeting later in the month, are the key events. As the ECB is expected to be a non-event, the ... (full story)