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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
- Picking through some initially very misleading headlines on Bloomberg, GDP revisions were notably softer than expected.
- Real GDP growth was revised down to 4.86% annualized in the third reading for Q3 (cons 5.2), fully unwinding its surprise upward revision to 5.15% in the second estimate.
- However, whilst it’s back to where it was first indicated in the advance release, another downward revision for personal consumption leaves it at 3.1% (from 3.6% in the 2nd and 4.0% in the advance). That still marks a strong bounce from the 0.8% in Q2, which in turn followed 3.8%, with that pause coming with a rise in the savings ratio.
- There was also a surprise drop in core PCE inflation, revised down further from 2.3% to 2.04% annualized (cons 2.3). Whilst only for Q3, with tomorrow’s monthly report showing how they were distributed in the quarter, it’s nevertheless a surprisingly large drop back to the 2% target.
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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