GDP Is Weak

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Good Morning: a quick note on today’s data.
GDP was expected to come in at 2.7% for the 3rd quarter. But it came in at 2.0%. Under “normal” pandemic circumstances this would be bullish for stocks as it implies the recovery is lagging behind expected targets and would thus call for longer easy policy. But 2% GDP, while below expectations, is almost definitely not bad enough to change the Fed’s Stimulus Tapering announcement to be made on November 3rd.
Taken in combo with the optimistic Unemployment Data today, the markets have already discounted this info and are not reacting one way or another to it as of 8:55
We will be posting the Weekly Premium Report Saturday evening. Have a good rest of the week
Goldfix
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