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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
US DATA
- Evident from early on in the quarter, the economy has shown no sign of letting up its very strong momentum in Q3, in what has mainly been a consumption-led recovery after a tepid Q2 for personal spending.
- Real GDP growth printed 4.9% annualized in Q3, its strongest since 4Q21 to beat consensus of 4.5%. However, retail sales coming in much stronger than expected for September and the Atlanta Fed GDPNow tracking at 5.4% annualized probably at least partly helped set the scene for a sizeable fixed income rally despite the beat.
- Some of the gloss of the strong GDP print was also taken off by changes in net inventories accounting for 1.3pps of the quarterly increase.
- Further, latest monthly personal income and spending data have shown a sharp run back lower in the household savings rate back to late 2022 levels and closing in again on last year’s recent lows, after a push higher in Q2 had heavily dampened consumption growth. With real disposable income falling in the past three months of data, it will take a further running down of the savings rate to boost consumption from here if this continues.
- Nevertheless, this recent surge in growth has been extraordinary at the current stage of the hiking cycle.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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