Fed's Lockhart wants to set a timetable for QE tapering Fed's Lockhart wants to set a timetable for QE tapering in a speech on the "Economic Outlook and Future Policy Decisions," or at least announce the total size purchases remaining. He looks for more firming in the economy next year, and for inflation to move toward the 2% target rate. He is looking for more evidence that employment is continuing to grow at a sustained pace. He also wants to see other elements of growth including spending, income, improving household balance sheets, while the fiscal drag is expected to shrink. He is also monitoring signs of disinflation. Nothing new in the comments. He is not a voter this year or in 2014.
U.S. GDP Preview U.S. GDP Preview: The second release on Q3 GDP is expected to be revised up to 3.1% (median 3.1%) from 2.8% in the first release and 2.5% in Q2. The primary driver of tomorrow's headline revision should be inventories which analysts expect to be revised up by $16 B in total with additional upward revisions of $1 B in both construction and government spending. Downward revisions of $3 B in consumption and $6 B in net exports are also forecast.