GREAT GROWTH

24Q3 GDP came in strong at 2.8% annualized inflation-adjusted, with consumer spending rising a heady 3.7%, and not one component on the consumer side declined! Capital expenditures rose 11.1% and government chipped in with 5% growth, led by defense spending. What’s amazing is that Y-o-Y GDP growth is 2.7% despite a very high Fed funds rate. This means the Fed may not cut rates as much as was recently expected.