Earlier today we reported that according to Biden's Bureau of Economic Analysis, in the fourth quarter US GDP grew at a torrid 3.3% pace, which was a 5-sigma beat to consensus estimate of 2.0% and also came in well above the highest Wall Street forecast. We also laid out the components that accounted for the growth: mostly the lack of inventory destocking (which means growth will be subtracted in Q1 instead), a bizarre jump in exports despite the soaring dollar, and last but not least, a jump in healthcare spending and a surge in RV purchases. Yes, bizarre, but whether the GDP growth number was realistic or not ... (full story)