Macro: GDPNow — A Market Mover

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The most likely candidate for what moved markets today is the GDPNow update.
The forecast for growth in Q4 dropped from an initial forecast of 2.3% to 1.2%. Of note, this is also a much slower growth than we saw in Q3. The bond market certainly reacted as yields continued to drop. The stock market appears to be reacting to lower yields.
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