Today’s US Q1 GDP revisions are weaker than expected at 5.6 per cent annualised for the headline growth rate. Markets were actually expecting an upward revision from the advance estimate of 5.8 per cent. There were various explanations for the weaker number. Consumer spending was revised to 3.2 per cent from 3.5 per cent. There was a no revision to business investment to minus 8.2 per cent from minus 5.7 per cent. Government purchases were revised to 6.7 per cent from 7.9 per cent.