Two milestones converged this week that seem important in the moment but in retrospect will be minor blips historically: yesterday’s reaching of the first hundred days of Donald Trump’s second term, and today’s announcement of first-quarter gross domestic product showing the economy contracted by 0.3 percent on an annualized basis.

The former is just a news hook to overlay “what it all means” stories that are as light as air. The second covers the period before the April 2 Liberation Day, though it was influenced by it.

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