What Does the GDP Mean in the Fed's Fight to Save Corporate America?

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Overall, it wasn't a bad Gross Domestic Product report this morning. But was it good enough to assuage the Federal Reserve in its mission to revive corporate America?

The 2% rate of growth in the first quarter was better than expected. As far as the Fed is concerned, which after its last rate cut was gravely concerned about "unacceptably weak" economic growth, the main worry now is the business sector -- namely, the withering of profits.

The Fed's April 18 statement makes it seem as if that's become the central bank's mission, saying "the persistent erosion in current and expected profitability, in combination with rising uncertainty about the business outlook, seems poised to dampen capital spending going forward." ...