Summary
Stocks are higher at midday on Thursday, this after U.S. GDP was reported at 8:30am ET. GDP expanded in the fourth quarter at an annualized rate of 2.3%. That's below the 2.6% consensus and 3.1% growth in the third quarter. Spending by consumers drove the expansion with a 4.2% increase. The report also contains data on inflation, which accelerated in 4Q. The PCE Price Index increased 2.3% in the fourth quarter, compared with an increase of 1.5% in the third quarter. Excluding food and energy, the index increased 2.5%, compared with an increase of 2.2% in the previous quarter. In our view, the report this morning supports the Federal Reserve's decision yesterday to leave its policy target unchanged at 4.25%-4.5%. Jerome
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