The final reading on GDP growth in the third quarter is 3.4%, per this morning’s release, one tenth lower than expected. When coupled with the 4.2% GDP growth in the second quarter, it is trending toward 3% for the year and is expected to slow to 2% in 2019, per Federal Reserve chair Jerome Powell’s comments this week. While trending lower, 2% still connotes a growing economy, not a recessionary period. Economic data in the coming weeks will be key in determining whether two additional rate increases are needed next year, as stated by Jerome Powell this week as well. Markets continue to fluctuate following the Federal Reserve’s comments as futures are now mixed, after being lower earlier in this morning’s session. Have a safe and happy holiday!
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