US Atlanta Fed GDPNow Q3 4.95%; Q2 1.50% (Prev. 1.54%)

GDPNow is a running nowcast rather than an official release, and its track record is one of early-quarter volatility narrowing toward the final print as source data accumulate. A reading at this level is typical of the model in its early stages, when it is heavily influenced by a small number of inputs, most often inventories and net trade, and readings of this magnitude have historically converged lower as the quarter fills in. The distinction that matters for rates is whether the strength sits in domestic final demand or in the volatile trade and stockbuilding components: the former feeds the Fed's reaction function, the latter tends to be discounted. The transmission runs through front-end repricing of the policy path and term premium at the long end, with the dollar response usually following the real-rate leg. Follow-ons worth watching are the monthly inputs that historically move this series most, consumption, trade, and durable goods, and whether Fed commentary engages with the nowcast at all, which officials have generally been reluctant to do.