Top News

U.S. GDP Increased 3.4% in Third Quarter

James_HamiltonAnalysisEconbrowserOct 29 at 11:46 AM PDT

U.S. GDP grows more in Q3

The Bureau of Economic Analysis announced today that seasonally adjusted U.S. real GDP grew at a 3.4% annual rate in the third quarter. That is a little above the historical average growth of 3.1% and better than the numbers we’d been seeing over the last three quarters. Today’s GDP report brings the Econbrowser recession indicator […]

Social commentary: jc-econ.bsky.socialBluesky, josephpolitano.bsky.socialBluesky

VIEW ECB keeps rates unchanged; euro and bond yields fall

Adam ButtonAnalysisinvestingLiveOct 29 at 6:15 AM PDT

ECB rate decision: No change in rates

The big news earlier today was ECB President Christine Lagarde announcing that she will depart in February. Bank in April on Bloomberg TV she said: "When there is big clouds on the horizon, the captain does not leave the ship— and this captain is not going to leave the ship, because I see clouds." So I guess she doesn't see clouds any longer. In any case, here are the headlines: Main refi rate 2.65% vs 2.65% expected Deposit rate 2.50% vs 2.50% expected Marginal lending facility at 2.90% vs 2.90% expected Says energy prices continuing to rise, posing upside risks to inflation outlook and downside risks to growth Underlying inflation has remainded broadly stable so far and wages do not show a material response at this stage Well positioned to navigate uncertainty ECB is not pre-committing to a particular path ECB says stands ready to adjust all of its instruments within its mandate to ens

United States

Federal Reserve holds interest rates steady even as inflation remains high

AnalysisBloombergOct 29 at 2:15 AM PDT

Warsh’s AI Optimism May Box Him In at the Fed

Federal Reserve Chair Kevin Warsh champions parsimony in central bank communications and loathes so-called forward guidance. But he’s said plenty about the future of artificial intelligence: He’s an arch optimist on the technology who thinks it will help him vanquish inflation. In a November Wall Street Journal column published shortly before getting picked to lead the central bank, Warsh wrote that “AI will be a significant disinflationary force, increasing productivity and bolstering American - Fed Chair Kevin Warsh really believes in the potential for artificial intelligence to vanquish inflation, maybe a bit too much

Social commentary: George PearkesBluesky, Ed BradfordBluesky

Kremlin aide says discussions underway with US to lift sanctions on Russian investment fund

AnalysisThe New York TimesOct 29 at 7:00 AM PDT

It’s Clear. Trump Is Siding With Russia.

Trump’s new diesel deal with Russia is a dark sign of his new American agenda, argues the Opinion columnist M. Gessen. The agreement, along with Ukraine’s accusation that the United States withheld military intelligence, points to a new story in this war: “If Vladimir Putin’s plan is to starve Ukraine into submission this winter, then Donald Trump is going to help Putin do that.”

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