US: Q3 GDP to be revised higher - TDS

Research Team at TDS, expects US Q3 GDP to be revised higher from the initial print of 2.9%.

Key Quotes

“TD is slightly above the market and looks for an annualized growth rate of 3.1% q/q (consensus: 3.0%) on account of upward revisions to consumer spending, business investment and international trade.”

“Consumer confidence for November will follow later in the morning and is expected to rebound following a sharp decline last month. While markets expect a partial correction to 101.5, TD looks a more robust rebound to 103.0 mirroring the outperformance in the University of Michigan survey and buoyant market sentiment following the election.”

“Looking to the Fed, we are scheduled to hear from both Dudley and Powell tomorrow, though Dudley’s comments will focus on the Puerto Rico economy. Powell will be delivering an economic outlook to the Economic Club of Indiana at 12:40, which will be followed  by an audience and media Q&A.”