MACRO TODAY: 🇺🇸 Strong growth, rising inflation and squeezed consumers. Today’s U.S. data paints a MIXED picture for markets and the Fed. The U.S. Economy in NUMBERS: - GDP grew 3.4% in Q3, the fastest pace in a year. - Headline PCE inflation rose to 3.6%. Core reached 3.1%. Both matched expectations. - Personal income increased 0.2%, but real disposable income fell 0.3%. - Inflation-adjusted consumer spending stalled goods purchases fell 0.3%. - The saving rate slipped to 3.8% from 4.0%. - Jobless claims fell to 194,000. Continuing claims reached their LOWEST in more than three years. Strong growth and fewer layoffs mean the Fed can keep RATES HIGH to fight inflation. But falling purchasing power and stalled spending point to WEAKER household momentum entering Q4. Strong growth. Persistent inflation. Consumers under pressure. The economy’s strength isn’t translating into stronger household finances.