US Q3 prelim GDP preview - BAML

Analyst at Bank of America/Merrill (BAML) came out with their preview for the upcoming US GDP data, lined up for release later in the NA session.

Key Quotes:

"We forecast 3Q GDP was likely revised slightly upward to 3.1% in the second release, up from 2.9% initially.  Stronger consumer spending, structures investment, and trade will be the main drivers of the upward revision.”  

“Residential investment and equipment will also be slightly better. These gains will be offset by a downward revision to inventories.”

“Both the GDP Price index and core PCE price indices should be unrevised in the 3Q, at 1.5% and 1.7% respectively."