GDP revised down as weak data persists
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 30 August 2023
⏱️ 6 minutes
🧾️ Download transcript
Summary
Episode transcripts seekingalpha.com/wsb
Sign up for our daily newsletter here and for full access to analyst ratings, stock quant scores, dividend grades, subscribe to Seeking Alpha Premium at seekingalpha.com/subscriptions.
Show Notes
Quits rate, not openings, hints at a peak in the business cycle
U.S. airlines are expected to see record traffic over Labor Day weekend
Texas Instruments falls as Bernstein downgrades on revenue, margin concerns
Transcript
Click on a timestamp to play from that location
| 0:00.0 | Welcome to Seeking Office Wall Street Lunch. |
| 0:04.0 | Our afternoon update on today's market action, news, and analysis. |
| 0:08.0 | Good afternoon. Today is Wednesday, August 30th, and I'm your host, Kim Khan. Our top story so far. The parade of soft economic data continues, giving the market more confidence that the Fed has already reached the terminal rate. Second quarter GDP was revised lower down to 2.1% from the initial |
| 0:25.8 | estimate of 2.4%. Economists were expecting no change. That brings the Q2 rate of expansion |
| 0:32.2 | to about the 2% pace clocked in Q1, 2023. |
| 0:36.0 | The downward revision primarily reflects lower estimates on business spending partly offset by an upward revision to state and local government spending. |
| 0:44.0 | The Fed's favorite inflation gauge, meanwhile, the core PCE price index |
| 0:48.0 | was revised down to up 3.7% from up 3.8% annually. Both added to the diverse sentiment sparked |
| 0:55.0 | yesterday by a drop in job openings and consumer confidence. Fed's |
| 0:59.4 | Fund's futures continue to shift away from the hawkish expectations after |
| 1:02.4 | J-Powls' speech. to shift away from the hawkish expectations after J poules' Jackson Hole speech, |
| 1:04.0 | they now price in a 60% chance of no hike in November, and a greater chance that cuts begin in May pull forward from June. |
| 1:11.0 | Wells Fargo's economics team says they continue to anticipate the economy will |
| 1:15.4 | moderate over the second half of the year under the weight of tighter policy, which should |
| 1:19.4 | waive further on firm's profitability and thus their ability to invest in hire. They add they still |
| 1:24.7 | see recession early next year as more likely than not. In addition, ADP reported August |
| 1:30.2 | private payrolls rose by 177,000 below the forecast of 195,000. |
| 1:35.0 | Pantheon macro says that's in line with trends, but that ADP is a reliable indicator. |
| 1:40.0 | The bad news is good news trade kicked in, but on a much smaller scale than the big moves seen on Tuesday. |
| 1:46.0 | The S&P 500, NASDAQ, and Dow are up less than half a percent. |
| 1:50.0 | Rate slipped, the 10-year Treasury yield fell below 4.1%, and the 2-year yield fell to 4.85%. |
| 1:57.0 | W.T.I. crude and gold are higher. |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from Seeking Alpha, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of Seeking Alpha and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2026.