Third-quarter GDP growth was muted — more so than many expected. But the market shrugged off the slowdown, which took annualized quarterly growth to 2% from 6.7% in the Q2 reopening frenzy. Why it matters: We have, for the most part, economically moved past Delta, and the signals for a fourth-quarter rebound are aplenty. “Q4 will be very different; spending on services is already rebounding as Delta subsides, while the base effect from the absence of stimulus payments will be zero,” according to a Pantheon Macroeconomics research note. The big picture: The economy is still expanding at a historically high rate. ... (full story)