By Tony Pasquariello, Goldman head of hedge fund coverage
In the middle of August, the consensus estimate for US GDP in Q3 was ... 0.5%. As we learned on Thursday, US GDP in Q3 was not 0.5%... it was10x higher than that.
- Along that path, S&P has fallen 321 handles, and certain parts of the market have been smashed.
- Along that same path, the US 30-year bond has backed up 71 bps in yield, which helps to rationalize much of the prior sentence.
