美国滞涨风险进一步加剧 U.S. economic data for the first quarter of 2022 have been so weak that the Atlanta Fed’s GDPNow tracker shows a 0.0% reading for GDP growth based on data released through today. The nowcast for 1Q real personal-consumption expenditures growth increased from 1.6% in the prior week to 2.3% on the back of an upbeat ISM manufacturing print. But the negative contribution of net exports to the nowcast more than offset consumption, sending the GDPNow figure down from a paltry 0.6% to its flatline level. With food and energy prices spiking, the increasing risk of stagflation is a concern ahead of the March 17 FOMC policy announcement.