US growth

Trump preceded the lousy figure with an outburst on social media

Donald Trump preceded this afternoon's GDP report with a warning and explanatory post on Truth Social.

"The Democrats' shutdown cost the US at least two percentage points in GDP. That's why they're doing it again, on a smaller scale. No shutdowns! Also, lower interest rates. 'Two years too late' Powell is the worst!", writes the president.

The White House is allowed to read macro reports the day before they are released, but is not allowed to comment on the figures until 30 minutes after they are released. This is reported by Bloomberg.

Trump recently published a graph from a jobs report the day before it was published.

GDP rose 1.4 percent at an annual rate in the fourth quarter. An increase of 3.0 percent was expected.

PCE: Core inflation unexpectedly rose in the US in December

US inflation unexpectedly rose slightly in December to 2.9 percent at an annual rate, according to the PCE index, which is the Federal Reserve's preferred measure. In November, inflation was 2.8 percent, which was also the expected outcome this time.

Core inflation also rose unexpectedly, from 2.8 percent to 3.0 percent in December.

GDP growth for the fourth quarter rose at an annual rate of 1.4 percent, clearly lower than the expected 3.0 percent.