The Atlanta Fed just reduced its estimate made last week for Q1 GDP from 5.4% to 4%. Perhaps they are looking at the huge trade deficit for Dec. and assuming higher levels for Q1 as well. My guess is that more reductions will soon follow.

The Atlanta Fed just reduced its estimate made last week for Q1 GDP from 5.4% to 4%. Perhaps they are looking at the huge trade deficit for Dec. and assuming higher levels for Q1 as well. My guess is that more reductions will soon follow.

— Peter Schiff (@PeterSchiff) February 6, 2018