A senior US administration official:

• data expected to show smaller growth in Q1 than Q4, slower inventory growth likely an issue after big jump in Q4
• US GDP data also expected to show very strong household balance sheets, household consumption, business investment
• US GDP data will show that ‘economic conditions are still very, very strong’
• says Russia’s war in Ukraine likely to have muted impact on Q1 GDP data, US exposure to Russian economy is ‘fairly limited’
• says Friday’s personal consumption expenditures price index data expected to reflect ‘quite elevated’ headline inflation, but core  inflation  likely to be flat-lined or lower
• US monitoring impact of Ukraine war on European economies very carefully-official