Michael McKee

That and stronger GDP growth would make it harder for the Fed to consider rate cuts anytime soon.

Michael McKee, Bloomberg Radio.

Basically, when people thought they were going to be tariffed, everybody moved their gold from Europe to the U.S.

And now they're sending it out back again.

So that's had a big impact on it.

That doesn't go directly into GDP.

So part of this goes away.

It is the trade deficit rising as much as it did will make a little bit lower GDP numbers.

But people aren't revising their forecast for tomorrow down too much.

Basically, when people thought they were going to be tariffed, everybody moved their gold from Europe to the U.S.

And now they're sending it out back again.

So that's had a big impact on it.

That doesn't go directly into GDP.

So part of this goes away.

It is the trade deficit rising as much as it did will make a little bit lower GDP numbers.

But people aren't revising their forecast for tomorrow down too much.

Basically, when people thought they were going to be tariffed, everybody moved their gold from Europe to the U.S.

And now they're sending it out back again.

So that's had a big impact on it.

That doesn't go directly into GDP.