Sec. Yellen on GDP Growth Slowing Down Well Below Expectations: ‘There Could Be Revisions’

GALLONI Let s jump ░░░░░░░░ in Yellen OK GALLONI ░░░░░░░░ today s figures What ░░░░░░░░ your reaction hot off ░░░░░░░░ presses to today s ░░░░░░░░ quarter GDP Data at ░░░░░░░░ first read doesn t ░░░░░░░░ like a great mix ░░░░░░░░ you consider that it ░░░░░░░░ the first below trend ░░░░░░░░ in more than a ░░░░░░░░ and a reacceleration of ░░░░░░░░ Give us your take ░░░░░░░░ So what I focus ░░░░░░░░ most is the strength ░░░░░░░░ consumer spending and investment ░░░░░░░░ And those two elements ░░░░░░░░ final demand came in ░░░░░░░░ line with last year ░░░░░░░░ growth rate They grew ░░░░░░░░ 3 1 percent So ░░░░░░░░ is the underlying strength ░░░░░░░░ the U S economy ░░░░░░░░ that showed just continuing ░░░░░░░░ strength and the economy ░░░░░░░░ on all cylinders There ░░░░░░░░ drags from inventory investment ░░░░░░░░ net exports that were ░░░░░░░░ than most people expected ░░░░░░░░ lot of the data ░░░░░░░░ is actually not yet ░░░░░░░░ hand There could be ░░░░░░░░ But what s really ░░░░░░░░ is private final domestic ░░░░░░░░ or consumer spending and ░░░░░░░░ and they grew solidly ░░░░░░░░ OK.”