Why the 4.9% GDP Print in Q3 Was “Fake News”
Sorry, but it just doesn’t pass the proverbial sniff test
Highlights
The outlook for equities is bearish despite yesterday’s gains — major averages remain below their 50- and 200-day trendlines
As for the Fed tomorrow, expect a "hawkish pause" given the recent strong data on labor market and consumer spending
Credit markets look highly attractive relative to equities
If GDP really was 4.9% in Q3 (vs. potential at 1.8%), we would expect to see higher inflation and lower unemployment
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