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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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