Goldman Sachs described this morning’s retail sales report a “significant disappointment”. As a result, they’re cutting Q1 GDP estimates to 1.9%. The headline figure came in at a monthly decrease of 0.4% as auto sales disappointed and broader trends remained soft. The cold weather was a contributing factor, but the general sluggishness in the US economy is persisting. This report brought the year over year growth to just 3%, which is growth, but is also the slowest rate of growth since August 2010.
Muddle through is here to stay. And muddle through means QE is likely here to stay.
![Cullen Roche](https://pragcap.com/wp-content/uploads/2022/01/Headshot2022-1-144x144.png)
Mr. Roche is the Founder and Chief Investment Officer of Discipline Funds.Discipline Funds is a low fee financial advisory firm with a focus on helping people be more disciplined with their finances.
He is also the author of Pragmatic Capitalism: What Every Investor Needs to Understand About Money and Finance, Understanding the Modern Monetary System and Understanding Modern Portfolio Construction.
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