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What the Data Says GDP grew 3.4% in Q3, up from 2.2% in Q2, driven by consumer spending (+3.8%) and business investment. Inflation is still running hot. September headline PCE came in at 3.6% year over year, and core PCE at 3.1%. Both are well above the Fed's 2% target. The job market is steady. Initial jobless claims fell to 194K, so layoffs remain low even as hiring slows. The Fed is changing how it communicates. It will keep eight meetings a year. Starting in 2027, some wi