Knowing what happened with the GDP report today, we had to laugh at this little line in David Rosenberg’s morning report, today:
The key report today is the GDP report for Q3 out of the U.S.A. (what do you know
— just as it did hours before the payroll report, Goldman Sachs cut its Q3 GDP
estimate, to 2.7% from 3.0% — and see False Reading: Brisk GDP Growth Can’t
Last on page C1 of the WSJ). It will show positive growth of perhaps near 3%, but
it would be dangerous to extrapolate that into the future, especially as all the
government-applied medication begins to wear off. The big risk is that real final
sales in Q4 turn negative.
Of course, Goldman moved the needle in the completely wrong direction, but we think he was not-so-subtlely suggesting that Goldman has some kind of inside knowledge.
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