---
title: For now, the monetary policy transmission route of tightening US financial conditions are NOT reaching the economy...
description: "Indeed, an avalanche of US macro data on Thursday presented a positive blend of updates across growth (better), inflation (lower), and labor markets (looser/worse).\n- Economic Growth: Real GDP rose 4.9% in 3Q (consensus 4.5%) driven by strong demand across consumer and federal/state government, and inventories. However, a major contribution from inventories could in turn weigh significantly on growth in 4Q\n- Manufacturing: Orders for Durable and core capital goods also grew by more than expected... thanks to a massive surge in non-defense aircraft orders (so don't expect it to last).\n- Housing: Pending home sales rose 1.1% month over month in September, above expectations for a decline... but brace for October to be a bloodbath as mortgage rates re-accelerated.\n- Inflation: Core PCE prices component of the GDP report rose less than expected.\n- Labor: Initial and continuing jobless claims both increased by more than expected -- a positive for markets which are focused on labor market re-balancing (i.e., could benefit from less wage inflation)."
---

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# [For now, the monetary policy transmission route of tightening US financial conditions are NOT reaching the economy...](https://blog.syzgroup.com/syz-the-moment/nestle-on-the-lower-end-of-the-channel-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-2-0-0-0-0-0-0-0-0-0-1-0-169-01f7c2d6)

 Written by [Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/syz-the-moment/author/charles-henry-monchau) | Oct 27, 2023, 9:47:28 AM

[View full post](https://blog.syzgroup.com/syz-the-moment/nestle-on-the-lower-end-of-the-channel-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-2-0-0-0-0-0-0-0-0-0-1-0-169-01f7c2d6)

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