The Commerce Department is expected to report Wednesday that gross domestic product grew at a hardy 3.1% annualized pace in the third quarter, adjusted for seasonality and inflation, according to the Dow Jones consensus forecast.
Along with that, the release is expected to show that inflation moved closer or perhaps even below the Federal Reserve's 2% target.
The Fed uses the personal consumption expenditures price index, included in the GDP estimate, as its primary inflation gauge.
The report, then, should indicate a solid economy and easing inflation , the latter at least on a relative basis from how things looked a year ago.
"Overall, another quarter of above-trend growth and a benign inflation reading will be welcomed by the Fed."
Persons:
Dow, Oliver Allen, Allen, nudging, Alice Zheng
Organizations:
Commerce Department, Fed, Pantheon, stoke, Citigroup, Citi
Locations:
U.S
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