Although it's backwards looking, it's worth a quick take on the first look at second quarter GDP.  At 2.8% it came above the consensus of 1.9%.

Wall Street loves the report, but there are several worrisome narratives.

Beyond the consensus game, there are compelling trends.

• Consumer spending 2.3% versus consensus of 2.0% (core +2.9), came at expense of savings 3.5% from 3.8%
• Inventory investment ebbs and flows
• Business investment was interesting +11.6% (software +49.2%)
• Government 3.1% (defense +5.2%)