Early Update – GDP Sparks Cyclical/Value Rotation, But Not As Strong As I’d Expect

11:03 a.m. ET The third estimate for Q1 GDP saw a strikingly large, upward revision to 2.0% from 1.3% (consensus 1.3%), as consumer spending proved to be stronger than thought, while the GDP Deflator was revised down to 4.1% from 4.2% (consensus 4.2%). Granted this is a backward-looking report, yet the key takeaway is that…