GDP Rev 1 (month after initial)
The first revision to the 3rd Quarter Gross Domestic Product (GDP) reading was also released early this morning and gave us the negative side of mixed data. It revealed the economy grew at an annual rate of 2.9% during the July through September months. This was an upward revision from the previous estimate of 2.6% and higher than the 2.7% that was expected. Along with the headline number, an inflationary reading within the data was also revised upward. Fortunately, this data is a little aged at this point, limiting its impact on this morning’s rates. However, the stronger economy undermines the theory that we will slip into a recession in the near future, causing us to label the report bad news for rates.