Certainly it was lower than many expectations, including our forecast. The primary driver of that was a big pullback in consumer spending, which had been quite strong up until then. I think it's too early to call it a turning point. One thing I was reading today is that there seems to be a big discrepancy between the surveys of consumer confidence and where consumer spending is expected to be and where it actually comes out. One thing to note about the U.S. GDP, especially in the first quarters, is that there have been some big revisions, notably in those first quarters. And this is something their statistics office has flagged, so I think we'll probably want to wait and see for a couple of months as the revisions come in.
On May 1st, 2017. See this statement in context.