Harden up, the soft US GDP result is not so bad

Cold weather may have caused US GDP to miss its modest targets for growth, but positive momentum in the labour market means that the Fed is unlikely to deviate from its taper course.

A soft first quarter outcome might concern readers, but with cold weather providing only a temporary economic hiccup, it was never going to stop the Federal Reserve from cutting its asset purchases by a further US$10 billion overnight.

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