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Final GDPNow For Q3 Adds Upside Risk For Tomorrow’s Print

US DATA
  • The final Q3 nowcast for Atlanta Fed GDPNow saw it revised up from 2.9 to 3.1%, adding upside risk to tomorrow’s advanced release with consensus for 2.4% as it bounces from two quarters averaging -1.1% in 1H22.
  • The revision goes against yesterday’s weakness in house prices, Conf. Board consumer sentiment and Richmond Fed manufacturing activity that helped drive a sizeable rally.
  • Instead, the latest estimate is based on today's September readings for inventories (smaller increase than expected), new home sales (fell a less than expected -10%) and the goods trade deficit (larger than expected).

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