GDP Revisions Skew Dovish Despite Hotter Headline

Given the momentum behind the bond rally and, now, the bull steepener, it was very unlikely that any upward revisions to Q3 GDP data in the US would move the macro-policy needle. The second estimate of last quarter's blockbuster growth pace suggested the US economy expanded even more rapidly than initially reported. GDP rose 5.2%, the BEA said. Consensus expected a smaller upward revision. The range of estimates, from 54 economists, was 4.8% to 5.3%. Recall that economists originally (i.e.,