Yellen & Co. remain steadfast believers in an "all is well" U.S. economy as a mostly blinded Wall Street eats it up. Right? Apparently, the Fed doesn't believe its own forecasts. The Atlanta Fed's GDPNow forecast for Q1 2016 has tumbled from 2.7% in Febraury to 0.6% today (click here and here for more). Talk about a messaging mess (among other Fed messes...)
Meanwhile, Fed head Janet Yellen waived away recent weakness largely blaming "transitory" lower oil prices, a stronger dollar that would "gradually dissipate" and "foreign economic growth... [that was] weaker this year than previously expected."
Here's where we shake out in comparison to Wall Street's stubbornly high Q1 GDP forecast and the Atlanta Fed's scattershot estimate.
... And watch the video with Hedgeye CEO Keith McCullough below to learn what we REALLY think about the Fed and "data dependence."