The latest GDPNow estimate for the U.S. first-quarter GDP has risen from -2.5% last Thursday to -2.7%, and the data excluding gold imports has increased from -0.4% to -1.5%. This data is very bad; of course, the GDPNow figures do not equal the GDP data released by the Department of Commerce.

Currently, U.S. stocks and Bitcoin have not reacted, especially as U.S. stocks are still showing slight increases, without any signs of risk aversion. It is unclear whether the market has already anticipated the GDP data or is overly optimistic, believing that a decline in GDP data will trigger an early rate cut by the Federal Reserve.

The latter is indeed a possibility, but it could very well represent the Federal Reserve's realization that the U.S. economy may be entering or has already entered a recession, taking actions to remedy the situation after the fact.

This tweet is sponsored by @ApeXProtocolCN | Dex With ApeX