US GDP falls by 1.4% in Q1 as inflation bites
US GDP falls by 1.4% in Q1 a...
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US GDP falls by 1.4% in Q1 as inflation bites

28 April 2022
1 min.
US GDP falls by 1.4% in Q1 as inflation bites

If you are covering US first quarter GDP, please see the following comment from Hinesh Patel, portfolio manager at Quilter Investors:

“US first quarter GDP had a far poorer show than had been anticipated, falling by 1.4% in Q1 – a significant drop in comparison to Q4 2021’s 6.9% growth and far worse than the 1% growth many economists had predicted.

“While this headline may be a bit of a shocker, price impact is by far the most dominant factor. Without inflation, the economy grew by a monstrous 6.5% annualised – and that’s including the Omicron overhang. As such, it’s little wonder the Fed is forced into its current stance.

“While consumer consumption has been healthy, a natural demand brake is likely on the horizon as a result of high prices and rising wages. For investors, the time to buy bonds may well be upon us.”

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Portfolio Manager at Quilter
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