US Q3 GDP Beats at 3.4% as PCE Inflation Accelerates to 3.6% Year-over-Year

US GDP $USD expanded at an annualized rate of 3.4% in the third quarter, exceeding the consensus forecast of 3.2%, marking the fastest growth in nearly a year, according to the Bureau of Economic Analysis advance reading.

Core PCE inflation, the Federal Reserve's preferred gauge, climbed to 3.6% annually and rose 0.5% month-over-month versus 0.3% expected. The uptick contradicts recent Fed patience on rate hikes and raises pressure for policy normalization before year-end amid persistent price pressures. #economy #inflation #rates