MACRO RADAR | THU, OCT 29 · RECAP 📡 US GDP: Q3 growth reached 3.4% annualized, beating the 3.2% forecast and accelerating from 2.2%. Consumer spending and business investment drove the expansion. CORE PCE: September inflation matched expectations at 0.3% MoM and 3.1% YoY. However, real consumer spending was flat, while inflation-adjusted disposable income fell 0.3%. ECB: The deposit rate remained at 2.50%, as expected. Rising energy costs threaten growth and inflation, while Christine Lagarde announced her departure in February 2027. MARKET CONTEXT: Despite strong quarterly growth, September's weaker household data and a savings rate of just 3.8% raise questions about the sustainability of consumer demand. Persistent inflation limits the Fed's flexibility even as spending slows. Meanwhile, the ECB faces rising price pressures alongside tighter financing conditions, making further rate hikes increasingly difficult to balance against growth risks.