As happens on a continual basis forecasters of economic data were wrong–GDP did not crater in the 1st quarter even though some forecasters had it forecast to come in as low as 1% growth. The 3.2% growth reported (this just the 1st reading–there will be a couple revisions down the line) was above even the most optimistic forecasts.
The other thing you can be certain of is that folks like us like to ponder what will happen to interest rates if a high (or low) number is reported–almost always wrongly. I speculated a number higher than 3% would send rates higher–so what happens? The 10 year treasury fell by 2-3 basis points on the announcement.
So this announcement has made the FED look like smart folks and has set off talk of a need for a potential interest rate hike later in the year–maybe, but who really knows–no one!
For now I will just continue to enjoy the relatively Goldilocks markets and interest rates, hunt for bargains, build our base investments (the sock drawer issues) and do some short term flipping and let the talking heads dissect every little detail.