From the FT:
"The US GDP data for the third quarter are a mixed bag. In some areas, they look truly encouraging; in other areas, much less so. What do they tell the Fed, which is preparing for its crucial meeting on QE, next Tuesday and Wednesday? They show an economy growing steadily, with no sign of a double dip, but at a rate which is slightly below trend, and which is clearly not sufficient to generate any marked recovery in private sector jobs. They show an economy where core inflation is stable around a 1 per cent rate. And they show an economy which is far too dependent on inventories, and far too vulnerable to increasing penetration from imports. All of that, the Fed will probably think it knew already."
