What do you think of tonight's GDP and PCE data? At first glance, the data feels explosive. The year-on-year GDP growth of -0.3% in the first quarter was much lower than the previous value and expectations, and the PCE data in the first quarter was much higher than expected (completely a version of recession+rising inflation), but the market only experienced a slight decline and did not plummet. The core is still that this time the data is still torn apart: