GDP, Economists, Consumption & Rates Cuts

The Higher Standard

U.S. GDP grew at a 4.9% annual pace in the third quarter, better than expected, but Chris, Saied and Haroon aren't convinced this is a good thing. They look back at previous recessions and some of the GDP trending before and after declaration to try and determine if the newest GDP print really has any meaning. Mohammaed El-Erian seems to share many of the same fears regarding the impact of rates on the economy and is apparently equally as skeptical of the GDP print. Jamie Dimon then rips central banks a new one for being 100% dead wrong on economic forecasts. Then this dark episode takes a darker turn as The Fed's Raphael Bostic doesn't foresee a rate cut coming until "late 2024." And, for those of you who missed Haroon's desk pop of a Monster Energy mid-show, don't worry, he comes back strong in episode 189 of The Higher Standard.

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Resources:

U.S. GDP grew at a 4.9% annual pace in the third quarter, better than expected (CNBC)

Strong GDP growth isn't a sign the US has escaped a recession, and interest rates are a big headwind to economic activity, top economist Mohamed El-Erian says (Business Insider)

Jamie Dimon rips central banks for being ‘100% dead wrong’ on economic forecasts (CNBC)

Fed’s Raphael Bostic doesn’t foresee rate cuts coming until ‘late 2024’ (CNBC)

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