Welcome to FOMC week! Since Warsh's first unexpectedly hawkish meeting we've had the following data:

Q1 GDP beat PCE miss, core PCE met Cons Confidence miss ISM mfg miss NFP miss ISM svc beat Existing home sales miss NFIB miss CPI miss, core miss PPI miss, core miss Retail sales miss Umich miss PMI mfg/svc miss — via @effmkthype

Multiple data misses across GDP, inflation, and labor signal economic weakness ahead of FOMC.