Transcript for 4%: A Jump in GDP
Okay. They July 30 that -- financial markets are open at today's big number 4% doesn't seem heights put it is scale in fact it is because that. Is how much the gross domestic product states -- of the second quarter. That's group -- numbers out this one from the Commerce Department. -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- doing well America's -- a -- but I well that's good that elicits a what -- -- -- never permitted it first of five forming gross domestic product to -- eat on 101. The dollar value of the goods and services produced in this land of ours and any given fixed period -- the year or quarter or month. Very nice very honestly don't think back would be very impressed about -- -- a huge strain on me should accept that there. -- let me ask -- -- 4% put in perspective that -- that luck. -- -- -- -- Big sharp stick this number had contracted in the winter and and -- -- time you and I have the debate that week after week was whether or not it was the cold. Now we saw this 4% number and that's going rate now let's put -- into context here and this is for the bonus round Alex. The GDP for the quarter -- seventeen point 29. Trillion that -- fifty dollars or we are talking big huge numbers reduced. To a very small growth -- -- what we -- on terms of growth that 4% translates to around 200 odd billion. We're just a long way of saying there's a certain amount fudge factor going on in this number but we -- we wanted to see in terms of personal consumption. Means Americans are out shopping which is what we do -- -- healthy and not scared. We saw a inventory build latrines or put things aside -- -- little confident about the future we saw all that stuff that he speaks an economy that. Is doing just a little better than you would be led to believe if you just listen to the pollsters for some reason this recovery feels horrible I'm going to -- -- when his savings are good. And yet the way we're behaving indicates that -- -- heart of hearts we actually believe that the world is improving. The dollar vote right there OK so now if you put that forward that a Federal Reserve board officials are concluded a two day meeting today how closely that is Janet young watching this GDP number I know what's what about I -- one. Actor -- that -- complicated equation. Year yeah I think they're there. Ultimate final decision is made by and goodness of their finger and holding out -- at. It's in which direction the wind -- if they make any decisions based on this number it would be silly do is put it politely. And I'll tell you why would match those revisions. Before we believe there are huge revisions in this number and there is I gave -- -- huge seventeen trillion was not just to show -- -- -- huge -- yet again. But -- because it it's with revisions of that level this is steering an absolute oil tanker and a very tiny lake in terms of moving the economies of Janet Yellen. When she makes changes to those interest rate policies. The impact takes very long time to see what impact if any there is. And what it's going to mean in terms of unintended consequences are so in terms of the decision this afternoon they're not gonna do anything that will surprising there's no reason to really stay tuned in -- They're gonna keep tapering they're -- -- be do and everything kind of on course. For the economy for all the shortcomings about the Federal Reserve is done over the last six years and in -- -- -- hundred year existence. The recovery is kind of okay and the stock market seems to -- -- no sudden movements is the rule of the day on walls. I kinda kinda okay Qaeda al-Qaeda keyword not what. Well OK his perfect -- of things are true good. She's gonna clamp on the brakes and and you sell stocks and things are -- -- -- then nothing can save us so condos is a fully valid word if not in Webster's dictionary then. For the purposes are treating a very intellectual very academic conversation this morning at a Wednesday morning mr. -- not expect anything less from -- I -- -- to want to play -- What is a good time -- -- Wednesday morning the answer there Alex take time with Jeff -- -- back for a guy who financed -- Wednesday's there. You can keep up with the latest headlines -- here at abcnews.com. You -- much debate number Dan Butler New York.
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