Yellen at the Senate, While Weather Still Skews Data
· As expected, GDP growth was revised lower, reflecting a slower build in inventories, a weaker trade position and a more cautious consumer.
· Chair Yellen’s Senate testimony indicated a continuation of current monetary policy, although the course could change if weak data turns out to be a slowdown rather than weather related.
· Durable goods orders fell in the month, but new home sales picked up despite the weather.
