Salient to Investors:

Daniel Silver at JPMorgan Chase said it is not big pullback in consumer spending, just weaker than previously estimated, and the housing recovery will continue and overall growth will strengthen in half2.

Joshua Shapiro at Maria Fiorini Ramirez said all in all, things are improving, but a lot of negatives still weigh on the economy, and while gains in property and shares are helping more affluent Americans, a huge swath of the population lives paycheck to paycheck.

The median economist expects growth to fall to a 1.7 percent pace in Q2 , then rise to an average 2.5 percent rate in half2, 2013, and grow 2.2 percent in Q4 2013 from a year ago.

BNP Paribas said GDP would have to grow 3.3 percent average annual in the half2, 2013 for the Fed’s outlook to come to pass. Yelena Shulyatyeva at BNP Paribas said it would be hard to achieve such a robust pace in half2.

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