Market pulse - GDP turns negative - but markets stay calm… for now

• GDP Growth Rate: Forecast -0.3%, Actual -0.2%
• Core PCE Prices: Forecast 3.5%, Actual 3.4%
• PCE Prices: Forecast 3.6%, Actual 3.6%

Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.

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Prices came in much hotter than last Quarter, whilst GDP came in negative. This does aid the view that this is tariff front running, and therefore imports were up significantly, and hence GDP came in negative.

One thing to watch that did come in as a small concern is that Consumer Spending came in softer, whilst Jobless Claims also ticked up slightly. For now, this isn't a worry, but it's worth continuing to watch if a more substantial breakdown in this data materialises.

What’s next?

The numbers tell a story markets are ignoring—here’s how we’re preparing.

Short-Term: Not much reaction for now, markets will react to the next set of prints.

Market Reaction Since: Risk assets flat, although Bonds have caught a small bid, which shows slight risk-off.

How To Position: We're still sitting in cash, and we're not looking to change that off the back of this data. Our plan remains the same: to buy more sizeable dips over the coming weeks and months.

BTC: