US Federal Reserve cuts interest rates, sending S&P 500 to record high - as it happened
Rolling coverage and reaction as America's central bank sets borrowing costs at 1.5%-1.75%, the third cut of 2019
- Latest: S&P 500 hits new record high
- Fed chair Jerome Powell holding press conference
- Fed cuts interest rates for third time in 2019...
- ...but may be taking a pause
- Read the Fed statement here
- What the experts say
8.12pm GMT
And finally, here's our economics editor Larry Elliott on today's Fed rate cut:
The US central bank has cut interest rates for the third time this year in an attempt to keep the longest running period of growth in the country's history continuing into the crucial election year of 2020.
But the Federal Reserve put itself on a potential collision course with Donald Trump when it signalled to the financial markets that it had no immediate intention of cutting the cost of borrowing further.
Related: Federal Reserve cuts US interest rates for third time this year
8.08pm GMT
Ding ding! Wall Street has closed at a new all-time high, as traders welcome today's cut to US interest rates.
US Closing Prices:#DOW 27186.69 +0.43%#SPX 3046.77 +0.33%#NDX 8083.11 +0.44%#RTY 1572.85 -0.27%#VIX 12.3 -6.82%
The Fed pretty much signaled they are in pause mode and will wait to see if we continue to see positive developments with the US-China trade war. The outlook on the economy was upbeat and this was unnecessary as they have given many hawkish hints that they could be closer to bending back toward rate increases. Inflation is anchored, albeit somewhat firmer recently, but nowhere near running the risk of running hot.
Powell delivered a hawkish cut that has pretty much locked the Fed into keeping the rates on hold in December and possibly into the spring, despite huge geopolitical risks from the trade war and Brexit. A lot could go wrong in a moments notice and this may go down as huge policy mistake.
7.23pm GMT
In summary: Jerome Powell's message is that US interest rates may not be cut again soon, if the economy holds up.... and he certainly doesn't expect to reverse today's cut soon either.
Fed Chair Jay Powell is a little bit hawkish in saying that the current funds rate is likely to remain appropriate. But he's massively dovish in saying that you'd need a "significant move up" inflation before the fed would consider raising rates.
7.21pm GMT
Q: What do you make of Donald Trump's claim today that America has its greatest economy ever?
Powell lets this question whizz past his helmet, as he never responds to comments from elected officials.
The Greatest Economy in American History!
7.17pm GMT
Q: Does America risk a 'Japanification', if low interest rate expectations become entrenched?
There are powerful disinflationary pressures in the world economy, and the US isn't exempt, Powell replies.
7.13pm GMT
Q: Do you share the IMF's concerns that rising corporate debt levels could threaten financial stability?
Leverage among corporations is historically high. We're watching carefully and taking appropriate action, Jerome Powell replies.
7.09pm GMT
Powell declines to swing at a curveball question on whether unions can play a stronger role tackling inequality (in the light of the strike at General Motors).
7.08pm GMT
Wall Street has got the message....
Markets trimmed their expectations for interest rates to fall further this year after the Fed announced a 25bps cut and hinted that monetary policy may now be on hold, for one meeting at least. Next rate cut is expected in March or April at the earliest. pic.twitter.com/rQHTVN2yQp
7.07pm GMT
Q: How does the Fed balance the divide between regions in the US, such as the rural-urban divide?
Monetary policy is a blunt tool, Powell freely admits. It can't set different interest rates across the country.
Powell basically tells Congress to get its act together:
"If you really want the US economy to be all it can be...you need proper monetary policy, but really it's fiscal policy that supports inclusive growth."#economy #Fed
7.03pm GMT
Stocks are moving higher on Wall Street, after Powell dampened the idea of a rate rise in 2020:
Stocks extend gains as Powell says the Fed would need to see a 'really significant' rise in inflation before hiking rateshttps://t.co/G2uTDlSifZ pic.twitter.com/WSYpVNS2P2
7.02pm GMT
Some reaction to Jerome Powell's ongoing press conference:
Looks like this is it for #Fed cuts
- Monetary policy in a good place
- Current stance of policy likely to remain appropriate$EURUSD sub 1.11
$USD has turned lower after two tough questions from reporters. The first from @steveliesman on whether or not the Fed is hold now and the second from a reporter regarding repo. $USD
#Powell response to question on #repo operations shows #FederalReserve still doesn't know CAUSE of liquidity shortage that led #Fed to intervene for 1st time since 2008. Problems started 7 weeks ago in mid-Sept (1/2)
6.57pm GMT
Onto financial plumbing! Powell says the Fed is still looking at measure to help liquidity flow through the system, following recent liquidity problems.
6.56pm GMT
Jay Powell then reminds the press conference of the big picture.
Three factors have weighed on the US economy: a global slowdown that began 18 months ago; trade tensions that have hurt exports and investment; the danger that low inflation pushes inflation expectations lower.
6.51pm GMT
Q: Might you raise interest rates in 2020 if the US-China trade war was resolved?
An easing of trade tensions would have a positive impact, Jerome Powell replies.
6.49pm GMT
Jerome Powell insists policy is now in a "good place", following today's rate cut to 1.5%-1.75%.
#BREAKING Feds' Powell says cut interest rate as "insurance," policy now in "good place" pic.twitter.com/3ARdEUYdMw
6.47pm GMT
Q: Are you planning to hold rates at current levels until you're proved wrong, or poised to move either way?
Current stance will remain appropriate as long as the incoming data is consistent with our outlook, says Powell.
6.45pm GMT
Q: What would it take to make you raise interest rates again?
Rising inflation, Powell replies, but there's no sign of it yet.
"We're not thinking about raising rates right now"
6.44pm GMT
Q: Today's GDP report showed that US business investment has fallen for the last six months (as covered earlier). Is that a key risk?
Powell says that some risks, including Brexit and an escalated trade war, have diminished:
It appears that the risk of a no-deal Brexit seems to have materially declined.
There's plenty of risk left, but it's subsided.
6.41pm GMT
Onto questions:
Q: Is this the end of your rate-cutting cycle, or what would it take to prompt another cut?
6.38pm GMT
Powell also cautions that Fed policy is not on a 'preset course' - it will respond to the data, and to events.
"Policy is not on a preset course." Do a shot! #fedpresserdrinkinggame"
6.37pm GMT
Jerome Powell begins his statement by telling reports that he, and his colleagues on the FOMC, are dedicated to serving the American people.
[a reaction to criticism from president Trump, perhaps?]
6.31pm GMT
Jay Powell, chair of the US Federal Reserve, is holding a press conference now to explain today's decision.
You can watch it live here:
WATCH LIVE TODAY: Press conference with #FOMC Chair Powell at 2:30 p.m. ET: https://t.co/R5jdupvACQ https://t.co/FJa6TbkDMt pic.twitter.com/4CtqNeRnbb
6.21pm GMT
Here's some instant reaction to the cut in US interest rates:
BREAKING: Federal Reserve cut interest rates a quarter point and signaled wait-and-see mode going forward.
Interest rates are now: 1.5 to 1.75% (lowest since spring 2018)
The Fed deleted the part of statement saying the Fed "will act as appropriate to sustain the expansion"
"Today's rate cut will provide a much-needed boost to the US economy, as the global slowdown continues to bite. However, as has been proven by the lack of positive recent economic data, subdued consumer confidence and even weaker business confidence, we continue to believe rate cuts are not the elixir for what ails the economy.
"Despite the cut, investors should not ignore ongoing macroeconomic risks, as geopolitical tensions remain unresolved. Trade war, Brexit, and the disruption in Hong Kong pose significant threats to the US economy. Further, the manufacturing sector's deterioration in September, along with weakness on the services side, and dysfunction in Washington have kept stocks within a tight trading range.
There was zero chance the Fed in this situation was going to give up any of its optionality from here.
"As widely expected, the Fed met the market's expectations with a 25 bps cut. The accompanying statement conveyed a subtle compromise for the hawks and the doves regarding the future trajectory for policy.
In a surprising hawkish-leaning development, the Fed removed the statement that policymakers will "act as appropriate" - though the Fed cushioned the blow somewhat and reinforced that policymakers are not on a preset path and will continue to monitor income economic data.
FOMC Reaction: Boring! 25bps cut & expected pause unless US data negatively surprises in Nov. Wouldn't rule out Dec rate cut (US investment worrying volatile GDP component). But this is an FX market wanting Fed liquidity action (marginal cuts irrelevant). $JPY barely cares... pic.twitter.com/Y1QBODS4Vl
"Central banks have contended with an unusual environment proactively over the past year, with policy responding to a trade shock as well as continued low inflation and tight labor markets.
Following today's rate cut, we think insurance has been delivered to markets and the Fed's policy path now depends on the evolution of US economic data and US-China trade relation
6.13pm GMT
Here's the full statement from the Federal Reserve, explaining why policymakers have cut borrowing costs today (by 8 votes to 2) to a 1.5%-1.75% range.
As you can see, the Fed believes the US jobs market remains strong, and household spending is growing too -- but business investment and exports are weak.
Information received since the Federal Open Market Committee met in September indicates that the labor market remains strong and that economic activity has been rising at a moderate rate. Job gains have been solid, on average, in recent months, and the unemployment rate has remained low. Although household spending has been rising at a strong pace, business fixed investment and exports remain weak. On a 12-month basis, overall inflation and inflation for items other than food and energy are running below 2 percent. Market-based measures of inflation compensation remain low; survey-based measures of longer-term inflation expectations are little changed.
Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. In light of the implications of global developments for the economic outlook as well as muted inflation pressures, the Committee decided to lower the target range for the federal funds rate to 1-1/2 to 1-3/4 percent. This action supports the Committee's view that sustained expansion of economic activity, strong labor market conditions, and inflation near the Committee's symmetric 2 percent objective are the most likely outcomes, but uncertainties about this outlook remain. The Committee will continue to monitor the implications of incoming information for the economic outlook as it assesses the appropriate path of the target range for the federal funds rate.
Federal Open Market Committee statement: https://t.co/aql1RzrpcS #FOMC
6.07pm GMT
The Federal Reserve has also signalled that it may pause its rate-cutting cycle soon.
It has adjusted the language in its monthly statement, and dropped a pledge to "act as appropriate" to ensure that the US economic expansions continues.
6.05pm GMT
The decision is not unanimous.
Two Fed policymakers, Esther George and Eric Rosengren, voted not to cut interest rates today.
6.01pm GMT
Newsflash: The US Federal Reserve has cut interest rates, by a quarter point.
America's central bank has lowered the target range for its key interest rate by 25 basis points to between 1.5% and 1.75%.
5.58pm GMT
Fed chair Jerome Powell's press conference, in 30 minutes time, will be crucial.
John Bellows, portfolio manager at Legg Mason affiliate Western Asset predicts Powell will strike a dovish tone:
We think the Fed will reiterate the dovish arguments that have led to the interest rate cuts this year. That includes an emphasis on "sustaining the expansion", a discussion of slowing growth, and an admission that inflation is too low. These dovish points would come as a surprise to analysts who are expecting a more hawkish message, and certainly would surprise anybody expecting a strong signal from the Fed that it is done cutting.
"It's essential to remember the broader economic context here in the US. Tomorrow we will get the latest data on inflation with the consensus expectation that year-over-year core inflation will be around 1.7%, still stubbornly below the Fed's 2% target and only marginally higher than the lows a few months ago.
5.50pm GMT
Tension is building in the markets ahead of the Federal Reserve's decision on interest rates, in 10 minutes.
Investors widely expect the Federal Reserve to ease monetary policy, given concerns that the US economy may be slowing -- and heavy pressure from the White House.
It's almost Fed time! I met with Tony Rodriguez, head of fixed income strategy at @NuveenAssetMgmt, earlier today to talk about what to expect. Says rate cut is guaranteed but that Fed/Powell will strongly suggest no rate cut in December. That doesn't mean the Fed is done though.
Rodriguez of @NuveenAssetMgmt says he thinks Fed will hint at one more cut in first half of 2020. And then that will be the end of the rate cut cycle.
2.45pm GMT
Time for a quick recap, before the drama of the Federal Reserve decision (at 6pm UK time or 2pm East Coast).
Related: Peugeot owner in merger talks with Fiat Chrysler
2.27pm GMT
Another neat chart from WashPo's Heather Long:
Trump often claims this is the "greatest economy in US history."
The chart says it all:
GDP is running at a 2.35% pace under Trump - about the same as Obama's 2nd term and W Bush's 1st.
Clinton and Reagan had over 3% GDP in their terms.https://t.co/LFuzQlCXXd via @andrewvandam pic.twitter.com/onBd7NYUrg
2.08pm GMT
Hopes of a US-China trade deal being signed at the APEC summit of Asia-Pacific leaders have been dashed -- the summit has just been cancelled!
oh...
CHILE CANCELS APEC SUMMIT IN SANTIAGO NEXT MONTH: PINERA
Chile cancels APEC summit next month.
Significant as China and US could have used this summit to rubber stamp a phase 1 trade agreement
Related: How Pinochet's economic model led to the current crisis engulfing Chile
1.58pm GMT
Donald Trump's council of economic advisors is tweeting about today's GDP figures:
The strong US economy is driving global growth. Among G7 countries, America is the only country with an annual GDP growth rate above 2 percent from Q2:2018 to Q2:2019 https://t.co/1SdRKvx6GB
Because of pro-growth policies, the US economy continues to exceed expectations. Under @POTUS, real GDP is $230 billion higher than CBO's final pre-election projection. https://t.co/1SdRKvx6GB pic.twitter.com/1mtrO5YFtn
Today's GDP numbers show that strong economic growth benefits American families. Average annual growth in real disposable personal income under @realDonaldTrump is nearly double the pace from President Obama's expansion period. https://t.co/1SdRKvx6GB pic.twitter.com/CGQOywtfqH
1.41pm GMT
Wall Street's reaction to the growth figures? A weary shrug.
The main indices are barely moving in early trading, with the Dow up a mere 0.01% or 2 points at 27,073.
1.38pm GMT
Handy GDP table for past four quarters pic.twitter.com/eBeQQVXLxD
1.23pm GMT
America has just posted its second-slowest quarterly growth since Donald Trump became president.
Hat tip to Heather Long of the Washington Post for spotting this:
BREAKING: US economy grew 1.9% in 3rd quarter as the slowdown appears to be taking hold.
Q3 was the 2nd weakest of Trump era.
Q3 2019 1.9%
Q2 2019 2.0%
Q1 2019 3.1%
Q4 2018 1.1%
Q3 2018 2.9%
Q2 2018 3.5%
Q1 2018 2.5%
Q4 2017 3.5%
Q3 2017 3.2%
Q2 2017 2.2%
Q1 2017 2.3%
1.19pm GMT
Analysts at Danske Bank predict the Federal Reserve will cut interest rates in a few hours time (the third cut this year).
#US real GDP growth is slowing. Peaked last year around 3% y/y, now around 2% y/y
Private consumption remains the main growth driver, while investments are under pressure (high uncertainty?)
We still expect the #Fed to deliver another cut tonight pic.twitter.com/uaGeA5X9rg
1.18pm GMT
Even before the GDP data was released, Donald Trump was tweeting that the US economy was greater than ever.
The Greatest Economy in American History!
1.07pm GMT
This won't please the tech sector:
Business investment in "computers and peripheral equipment" had it's lowest contribution to U.S. GDP since the third quarter of 2001: pic.twitter.com/Mjvqg4Xx4b
Annotated GDP contribution analysis! pic.twitter.com/VZBcciRoY4
1.05pm GMT
Several economists are encouraged that America's economy grew faster than predicted in the last quarter -- but disappointed that business investment has fallen again.
Blogge Jeroen Blokland says the investment decline is 'ugly':
The ugly part of today's US #GDP growth number; nonresidential investment fell 3% (annualized) in Q3. pic.twitter.com/dPNfKZ2BFL
Today's GDP report confirms a business sector recession. Consumer will follow with a lag -- as yesterday's soft Conf Board survey revealed.
Real GDP growth came in at 1.9% last quarter, abt the same as previous quarter, so a bit better than expected. However, there are signs of slowing the report. I find yr/yr growth more trend revealing and it shows clear signs of decelerating, from peak of 3 to 2 now. [thrd] pic.twitter.com/FfCqJC5pXx
Q3 #GDP rises better than expected 1.9% as consumption rose a solid 2.9% after big 4.6% gain previously. Weakest part of economy is commercial construction, the result of tight money courtesy @federalreserve. Structures were down -15.3% vs -11.1% previously. This should reverse
12.42pm GMT
Newsflash: The US economy grew faster than expected in the last quarter....but business investment has fallen again.
US GDP growth slowed from 2.0% to 1.9% annualised in Q3 (vs exp 1.6%). #USgdp pic.twitter.com/pJ0SGOcP4s
12.31pm GMT
The latest US private sector jobs data is a little mixed.
Some 125,000 new jobs were created this month, 15,000 more than expected -- but September's figures have been revised down.
ADP employment figures show 125k jobs added, 15k more than expected - but the prior number was revised 42k lower.
The U.S. jobs engine appears to be sputtering#QEinfinity #KickTheCanEconomics #Trumponomics pic.twitter.com/GUAANDnvjG
12.00pm GMT
John Westwood, group Managing Director at Blacktower Financial Management Group, says business leaders across the eurozone are growing more pessimistic.
This helped pull the overall EU confidence index down to its weakest in four years.
"Business and consumer sentiment in the EU and eurozone have decreased on average this month (eurozone by 0.9 points to 100.8, and the EU by 0.9 points to 99.0).
The decline appears to be due to pessimism from business managers. What may come as a surprise, is that for the UK specifically, sentiment increased from 88 to 89.8.
11.42am GMT
UK consumer confidence has picked up slightly this month, the EC reports, from 88.0 from 89.8.
But that's weak by historical standards -- should Boris Johnson be worried?
Consumer confidence is lower than before ALL of the LAST EIGHT general elections - including those in 1992 and 2010 just after big recessions.
People are more pessimistic about the outlook for both the economy and their own finances.
Fertile ground for the Opposition parties? pic.twitter.com/igZ9cpv1Ij
11.34am GMT
In a worrying development, economic and consumer confidence has fallen across Europe.
The EC's Economic Sentiment Indicator (ESI), released this morning, fell by 0.9 points to 100.8 in the euro area, and by a similar amount in the EU to 99.0.
Economic confidence in the euro area extends its slide https://t.co/zRAxkpKeZi pic.twitter.com/L6h9dboJOR
10.51am GMT
At least four EU countries are at risk of recession by the end of year.
That's according to the Economist Intelligence Unit, whose latest Global Forecasts predict that Germany will formally enter recession when its third-quarter GDP figures are released in November.
Most EU economies will also grow sluggishly: we expect Italy's economy to remain flat, and that of the UK to grow by only 0.1% as Brexit-related uncertainty continues to take its toll on business investment.
The bright spot in Europe continues to be France, which should continue its run of being the fastest-growing major EU economy.
10.26am GMT
In further bad news to Germany, Deutsche Bank has suffered yet another loss.
Germany's largest lender posted a pretax loss of a687m loss this morning, due to disappointing investment bank results and the cost of restructuring its operations.
Deutsche Bank shares drop >6% following dismal earnings. pic.twitter.com/sGLcSTXxps
9.59am GMT
The seasonally adjusted unemployment total in Germany is now 2.287 million, up from 2.28 million in September.
But September's data was better than October's, and showed a fall in unemployment.
The German labour market has stalled. Unemployment is flat over the past 3-months keeping unemp. rate at a very low 5% in October. Employment continues to edge up thanks to rising participation & immigration. Surveys suggest no improvement in near-term, but also no worsening. pic.twitter.com/y6MX6s4lPW
9.35am GMT
Rising unemployment puts more pressure on Berlin's government to launch a new spending programme to boost growth, argues Bloomberg.
It says:
German unemployment resumed its rise as factories remained in a slump, increasing the pressure on the government to step in with fiscal stimulus.
Manufacturers are being hit by uncertainty over global trade protectionism, and the auto sector is struggling with a fundamental shift to electric vehicles. While domestic consumption has so far held up, the fear is that the weakness will spread to the services sector as factories dismiss workers.
October's gain in joblessness is rooted exclusively in rising claims for unemployment benefits on the back of weakening economic momentum, the labor agency said. Demand for workers receded and the number of vacancies declined.
German unemployment resumes its rise as the economy battles recession https://t.co/Flqz4HWoa4 via @pgordon66 @sachgau #tictocnews pic.twitter.com/glPj5aCZeb
9.29am GMT
Newsflash: Germany's unemployment total has risen, and by more than expected too.
The number of people out of work in Germany rose by 6,000, on a seasonally-adjusted basis.
- Germany Unemployment Change (Oct): 6K (est 3.0K, prev -10.0K)
- Germany Unemployment Total NSA (Oct): 2.204Mln (est 2.194Mln, prev 2.234Mln)
- Germany Unemployment Claims Rate SA (Oct): 5.0% (est 5.0%, prev 5.0%)
"The recent economic weakness is leaving its marks on the job market. But all in all, it still proves to be robust."
9.24am GMT
France's economy has also benefitted from government spending increases, designed to calm the yellow-vest protests.
Last December, Emmanuel Macron's administration announced a10bn of additional expenditure, including raising a bonus for low-paid workers, and removing overtime taxes and pension surcharges.
9.03am GMT
Here's Reuters' take on France's better-than-expected growth figures:
French economic growth defied expectations for a modest slowdown in the third quarter, expanding instead at the same 0.3% pace from the previous quarter, the INSEE national statistics office said on Wednesday.
The resilience in French gross domestic product will be good news for President Emmanuel Macron, at a time of concerns about a global slowdown brought about by international trade disputes which have hit the nation's main trading partner Germany hard.
8.15am GMT
Shares in Fiat Chrysler and Peugeot have both spiked at the start of trading, as traders hail the prospect of a merger between the two car makers.
Fiat is up 10% in Milan, while Peugeot gained over 5% in Paris.
European Equity movers this morning:
Fiat Chrysler (FCA IM) +9.9%
PSA Group (UG FP) +5.3%
Total (FP FP) +1.0%
Renault (RNO FP) -3.0%
Airbus (AIR FP) -2.6%
Next (NXT LN) -2.0%
EssilorLuxottica (EL FP) -1.2%
Deutsche Bank (DBK GY) -1.0%
8.01am GMT
France is the first G7 country to report growth figures for the third quarter of 2019, and has laid down a marker for rivals to beat.
The US GDP report, due in a few hours, is expected to show quarterly growth of around 0.4% in July-September, down from 0.5% in April-June.
France GDP growth beats expectations in the third quarter, growing 0.3 per cent in contrast to weaker performances expected in Germany and Italy. French household spending and services boosted growth, while trade and manufacturing were negatives. https://t.co/i1SFuzr6vp via @FT
7.48am GMT
There's also a big merger brewing in the auto sector.
France's PSA Group, which owns Peugeot and Vauxhall, is in talks with Fiat Chrysler Automobiles (FCA) about a merger that would create one of the world's biggest carmakers.
Related: Peugeot owner in merger talks with Fiat Chrysler
7.42am GMT
French companies are shrugging off slowdown fears, and the ongoing Brexit uncertainty, by investing more in their businesses.
French resilience in one chart. Corporate investment kept increasing at a solid pace in Q3 (+1.2% q-o-q after 1.1%) pic.twitter.com/nTPiDxDC7T
7.40am GMT
Philippe Waechter, chief economist of Ostrum Asset Management, says consumption and investment are 'at the heart' of France's growth right now:
#GDP Growth in #France is 0.3% in Q3 as in each of the previous two quarters. The carryover is 1.2%. Domestic demand is at the heart of this expansion, while foreign trade contributes negatively due to a sharp rise in imports.
Consumption is at 0.3% (0.4 in Q1 and 0.2 in Q2) and investment at 0.9% (0.5 in Q1 and 1.2 in Q2) are at the heart of growth. Note the slowdown in housing investment while companies remain very proactive on this point (1.2 after 1.1 in Q2)
This internal dynamic reflects the economic policy that supports domestic demand to limit risk on growth. The momentum of the economy is not excessive but the risk of rupture is reduced. This is important in a risky international context
7.36am GMT
INSEE, the French stats body, says domestic demand excluding inventory changes "remained dynamic" in the last quarter.
It contributed 0.5 points to GDP growth, points out Nadia Gharbi of Swiss bank Pictet.
French GDP rose by 0.3% q-o-q in Q3, same pace as in Q2. Domestic demand (excluding inventory changes) remained dynamic and contributed 0.5 points to GDP growth. In contrast, net trade contributed negatively to GDP growth. pic.twitter.com/n0N0ot80SS
7.32am GMT
This chart shows how net trade dragged France's economy back, despite decent growth in consumer spending, inventories and gross fixed capital formation (investment):
7.14am GMT
Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.
EUR France Perlim 3Q GDP
QQ Actual: 0.3%
Forecast: 0.2%
Previous: 0.3%
YY Actual: 1.3%
Forecast: 1.3%
Previous: 1.3%
#France's economy shows resilience. Q3 #GDP growth +0.3%, higher than expected. YoY GDP growth +1.3% pic.twitter.com/UU7YJ6yCIF
"Over in Europe and Japan they have NEGATIVE RATES. They get paid to borrow money. Don't we have to follow our competitors?" @Varneyco Yes we do. The Fed doesn't have a clue! We have unlimited potential, only held back by the Federal Reserve. But we are winning anyway!
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