Yesterday morning, the Commerce Department looked in their rear-view mirror and raised their estimate of this year's third quarter GDP growth rate. We did better than expected.
Yesterday afternoon, the Fed looked thru their windshield and lowered their estimate of GDP growth next year, saying the economy is doing worse than they expected previously.
Conflicting economic data makes it tricky to read the market. That's why no one piece of data is ever conclusive. Just remember, we're in a long hard slog out of The Great Recession. When it is over and we look in the rear-view mirrow, we will once again swear . . . "Never Again!"
