The U.S. Q1 growth conundrum

We won, but it's stagflation time.

We got the much-anticipated (first estimate) growth of the U.S.'s first quarter gross domestic product (GDP). It was: -0.3%. Here were (some of) the final nowcasts:

• New York Fed Staff Nowcast: 2.63%

• St. Louis Fed Economic News Index: 3.07%

• GnS Economics Nowcast: 0.1%

• Federal Reserve Bank of Atlanta: -1.5% (alternative)

So, we won with a clear margin. Our estimate was positive all through the three estimates, ranging from 0.4% in February to 0.1% in April, so we could have done better. However, this was a tough one because the estimates varied so massively across forecasts.

What can we expect now?