While plans change, the Federal Reserve has made it clear that it intends to begin raising interest rates in 2015. It spent most of 2014 laying the groundwork, managing the taper, and in 2015 it will continue to make preparations for lift-off.
Following up on our earlier post today regarding estimate revisions, we thought we’d point out that both top and bottom line growth estimates have continued to fall in recent weeks and are at levels not seen since early 2013.
As was widely reported yesterday, 3Q GDP growth was the strongest since 9/30/2003. However, less widely reported was the fact the intellectual property products contributed the most to real GDP in 32 quarters (9/30/2006). Fixed investment overall contributed 121 basis points to real GDP.