Not good news
Below is a summary of the Wall Street penguins all of whom had no choice but to revise their Q4 GDPs far lower.
•Goldman Sachs: 1.8% to 1.3%
•JPM: 1.5% to 0.8%
•RBS: 1.5% to 0.7%
•Nomura: 2% to 1.3%
•Last, and least, Deutche Bank's Joe Lavorgna: unchanged at 1.3%
Look forward to hope being forced to surge even more to offset for this cut by nearly 50% ot the consensus Q4 GDP estimate of 1.5% prior to today. And while we wait for Bloomberg to compile today's massive downward revision to economic growth, this is how Q4 GDP tracking estimates looked like in the past 6 months before today's downward revision which will take the consensus line to 1% or under.
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