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Goldman spills a drop of cold water on that good Q4 GDP report…Despite the upward revision to Q4 GDP, the report was a small negative for our Q1 expectations. In particular, inventory growth was revised down by a smaller amount than we had anticipated, and stronger inventory growth in a certain quarter means a smaller inventory contribution in the subsequent quarter, all else equal. We therefore revised down our tracking estimate of Q1 GDP growth to 2.3% (annualized) from 2.4% previously.
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