The Expansion is Over

The nation’s longest economic expansion ended in the first quarter with an initial estimate of a 4.8% GDP contraction. That news came along with a report showing that Personal Consumption fell by a larger than expected 7.6% for the same period. Investors also learned today that the Personal Consumption Expenditures Index rose by 1.3% in Q1 and that matched last year’s Q4. It was forecast to have grown by 1.7%.

Treasury prices are up slightly on the news and the Ten-Year’s yield has slipped just below 60 basis points.