1Q GDP dropped to 2.2%. Add in my calculation of CPI of 3.6% and we get an eyeball on Nominal GDP of 5.8%. Treasury Debt still growing at a healthy 9.3%, for a Gap of 3.5%.
I see I made a simply math error in the prior post, the Gap should have been 2.9%, not 3.9%. But still, I think that was an anomaly due to having current inflation data, and old GDP data. This months 3.5% is more likely to be correct. This is still something of a narrowing though. For a while on this thread I was coming up with Gaps in the 4% to 7% range. The narrowing largely due to slight increases in Nominal GDP, and those are largely due to increases in inflation. The Fed is getting what they want, but not enough of it yet.
Upcoming data points:
CPI releases: May 15, June 14, July 17, August 15.
GDP releases: May 31, June 28, July 27.