by Mike Gleason, Money Metals:
Welcome to this week’s Market Wrap Podcast, I’m Mike Gleason.
Investors got some superficially good news on the economy this week. But it turned out to be bad news for markets.
Equities and precious metals markets sold off on Thursday following government data showing that the economy grew faster than expected in the third quarter. GDP was revised upward to a 3.2% annual pace from July through September.
Of course, a lot has happened since then, including additional rate hikes by the Federal Reserve. It will be well into next year before the full impact of higher borrowing costs get reflected in the economy.