April was a tough month in wider economy, with equity markets suffering their worst month since 2020 and U.S. Q1 GDP numbers showing a surprising 1.4% contraction. Currently, analyst consensus centers on these being more reflective of noise than the start of a recession. Russia's invasion of Ukraine and lockdowns in China are examples of factors that created the negative Q1 results, but may by now be priced in such that the economy can resume growth. Uncertainty remains high though, as Chinese lockdowns threaten to spread to Beijing, the Federal Reserve Board tightens monetary policy to combat inflation, and Russia continues its war on Ukraine. For pro AV, the bright side is that most of the world continues to expand its in-person activity, driving AV investment even if GDP growth is not a tailwind.
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