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Final Q3 GDP, Personal Consumption Revised Sharply Lower As Core PCE Slumped To 2.0%
Normally the market could care less about data that is at least 3 months old, like for example today's 3rd estimate of Q3 GDP for the quarter ended Sept 30 or, well, three months ago, but on days like today when algos are desperate for bad news to validate the Fed's dovish pivot and extend on premarket gains, it appears that everyone ignored the very strong initial claims print which came in near record lows... chart ... and instead focused exclusively on both the GDP number, which at 4.9% (or 4.86% to be precise) was revised sharply lower from the 5.2% reported in the 2nd estimate (and below the 5.2% estimate), as ... (full story)