Rocky Revision

While Q3 GDP was revised up from 2.8% to 3.6%, hold the applause. Inventory growth was raised by 0.85%, essentially responsible for the entire increase. Worse, household spending was revised down from a growth rate of 1.5% to 1.4%, and net exports were revised down by 0.24%. Despite the great headline, this was a weak report. Bernanke-Yellen are not talking December taper. The Grinch that stole low rates remains MIA.

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