Expected Breaking News: With March Plunge, 1Q US GDP And PCE Suck; Europe, Hit Earlier, Fared Worse.

The US Bureau of Commerce released its preliminary gauges of gross domestic product and its major components April 28. In the US, real GDP fell 4.8%, somewhat worse than had been anticipated by most economists. The Blue Chip consensus was 3.8%, for example. The biggest part of the decline was the crash in consumer spending,…