A Merry Revision For The Fed

The BEA on Thursday provided the Fed with more evidence to justify this month's dovish policy pivot. Imagine that. In an extremely fortuitous, not to mention unexpected, turn, core PCE in the third and final estimate of Q3 GDP was revised lower to just 2%, down from 2.3% in the second estimate. That's quite helpful for the FOMC. Some critics, including the likes of Bill Dudley, worry the Committee runs the risk of allowing inflation to re-accelerate in 2024 with premature rate cuts. "We cam