The Advanced look at Q3 GDP for the US was only 2% vs 6.7% in Q2. And although economists expected the economy to slow to 2.7% due to supply chain issues and the Delta variant of the coronavirus, the headline print was even worse than expected. In addition, the GDP Price Index (or the deflator) was a lofty 5.7% vs 5.5% expected, although it was lower than the 6.2% print from Q2. So, we still have high and persistent inflation and lower growth, or STAGFLATION. However, given that it is already the end of the 1st month of Q4, the data is stale, and markets are not likely to trade on it. With decreases in the ... (full story)