Economy again Hits a Spring Swoon

•   U.S. economy grew at a moderate 2.5% pace in Q1, less than forecast due to deep contraction in military outlays and rebound in imports

•   Providing support was a pop in real consumer spending and inventories

•   However, delayed effect from higher payroll tax rates and sequester spending cuts will slow consumer spending and overall activity

•    Shale gas and oil revolution could be a medium and long-term game changer for the U.S. economy, geopolitics, and green energy

•    Government regulation and decisions regarding exports loom large