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Nancy Curtin, Close Brothers

US GDP figures ‘hardly set the world alight for investors’

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Nancy Curtin (pictured), CIO, Close Brothers Asset Management comments on the latest US Q3 GDP figures, which show a 2.1 per cent rise…

An upwards revision third quarter will hardly set the world alight for investors. However, it is the most recent data coming out of the US that has cemented confidence in its economic momentum. Jobs figures for October smashed expectations, while consumer sentiment remains strongly upbeat.  Retail figures have been a little more mixed, but this is more a reflection of a new smarter and cost conscious consumer than any fundamental economic issues. Inventory de-stocking weighed on third quarter growth, but as companies rebuild their inventories, this actually bodes well for the figures in the final quarter.
 
All of this has seen the Fed seemingly pencil in a rate rise next month, a vote of confidence in the US’ economic stability. In fact, Yellen couldn’t have been much more clear that she expects to start rate normalisation in December. We don’t expect this to startle markets. Not only has it been on the cards for quite some time, but the Fed has repeatedly reassured that rate rises will be steady and incremental, rather sharp and substantial hikes.” 

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