As this week’s CQM/PCA updated several important economic indicators, it is difficult to intuitively guess which direction the economy is moving. CQM forecasts economic growth in 2023Q1 to be 0.07% on the expenditure side and to be -0.53% on the income side. All inflation indexes in CQM forecast are growing at more than 4% in 2023Q1. On the other hand, PCA produces more optimistic economic outlook than CQM. PCA forecasts economic growth 2.42% in 2023Q1 and GDP price deflator to be 3.56%. The gap of economic growth between CQM and PCA will be narrow due to the February money supply and March stock prices.