From economist Brian Wesbury at FTA: After Q1 revisions, "We still
expect real GDP will grow at a 1.5% rate in Q2 and at a 4% rate in the
second half of 2008, as the end of the Federal Reserve's rate cutting
cycle unleashes the full force of loose monetary
policy.
Meanwhile, the inflation news remains bad. In Q1, prices were up at a
2.6% rate for GDP (what we produce) but up at a 3.5% rate for Gross
Domestic Purchases (what we buy)."