First quarter GDP was revised down to -2.9% in June in the largest negative revision to a second GDP estimate since records began in 1976. Contrary to expectations, healthcare outlays slowed in 1Q after new provisions in the Affordable Care Act failed to boost GDP as previously estimated. Slowdowns in consumer spending, inventories, and net exports also resulted in a bigger drag on GDP than expected. One week before the GDP release, the FOMC trimmed its monthly bond purchases for the fifth consecutive time. Monthly purchases now stand at $35 billion with the Fed on pace to conclude QE in late 2014.