RHB | United States | Dancing Gingerly…

Economic Research	30 April 2015
UNITED STATES
Economic Highlights
Dancing Gingerly… The April 28-29 FOMC (Federal Open Market Committee) meeting ended uneventfully, arguably, with neither a dovish nor hawkish aftertaste. While the tone in the first paragraph of the April statement, which captured the bulk of the updates relative to the prior FOMC statement, was generally more downbeat, it was tempered some by the judgment that the soggy 1q15 “in part” reflects “transitory factors”. Broadly, the updated review of economic conditions in the post-meeting statement summarizes the gist of the earlier sub-trend print on 1q15 advance GDP (while the actual headline GDP print of 0.2% was weaker than our forecast of 0.8%, the inventory and net exports components, which were distorted by port strikes, etc, are still based on incomplete source data through Feb; hence, the real final sales to domestic purchasers reading of 0.7%, still slightly below our estimate, might be a cleaner read). Economist:  Thomas Lam  | +65 6533 0389
To access our recent reports please click on the links below: 06 April 2015:Hiccup, Pothole or Quicksand? 01 April 2015: A Sectoral Lean through 2025 19 March 2015: Not Impatient but More Foggy 10 March 2015: The ECB’s Growth Forecast: Upside or Downside Risk? 09 March 2015: Dig Beyond the Job Market Headlines… 25 February 2015: Historical Tightening Cycles & Yellen