Right, so earlier today we got the first read on Q1 GDP and it wasn’t…er…it wasn’t great.

In fact, the economy expanded at the slowest pace in three years and consumer spending (which, like Ron Burgundy, is “kind of a big deal”), rose just 0.3%, the worst performance since 2009.

(BBG)

simple read on GDP knee-jerk: when people expecting the worst, they’ll look for any data point for hope. they found 2 in today’s report.

— Walter White (@heisenbergrpt) April 28, 2017

The knee-jerk market reaction was, to some, counterintuitive. USDJPY jumped with Treasury yields. As we were quick to note (and as reflected in the post linked above) the explanation was simple:

Think: largest increase in Employment Cost Index since Q1 2007.

Since then, we’ve given some of it back as reality set in…

Well, if you were wondering what BofAML thinks, Michelle Meyer’s out with a simple assessment: this “product” is “grossly” distorted by the infamous “residual seasonality” (a.k.a. data shark-jumping).

You can read her Friday note below: