Golden Finance update, ready to post:
🏆 Golden Finance | September core PCE comes in, GDP significantly beats expectations
1️⃣ U.S. Q3 GDP initial estimate: 3.4% annualized quarter-over-quarter, well above expectations of 3.2%, with the previous reading at 2.2%; investment, consumption, and government spending all contributed, while falling exports weighed on growth
2️⃣ September core PCE was up 3.1% year-over-year, in line with expectations, with the previous reading at 3.0%; it rose 0.3% month-over-month, also in line with expectations; inflation neither worsened further nor showed signs of easing
3️⃣ Notable detail: Q3 annualized core PCE fell sharply from 3.3% to 2.5%, while the GDP price index dropped from 5.6% to 3.0%, signaling a marginal easing in quarterly price pressures
4️⃣ September personal spending rose 0.5% month-over-month, below expectations of 0.6%, with the previous reading at 0.9%, pointing to signs of cooling in consumer spending
5️⃣ After the data was released, BTC initially surged to 80231 before retreating below 80000, while ETH surged to 2328 before pulling back to 2316; both gave back their pre-data gains
6️⃣ The combination of a strong economy and no improvement in inflation further eased concerns about a Fed rate hike in December, while putting short-term pressure on risk assets