GDPNow is forecasting Q3 GDP at 2.8%. We are about 2 weeks out from the actual Q3 GDP release.
We've got some remaining September economic data releases over the next couple of weeks that could change the forecast, but we shouldn't see a tremendous amount of movement at this point with much of the Q3 data available.
The inflation readings have been poor, but looks increasingly likely we are going to have a good Q3 GDP number. That may explain in part why inflation is being stubbornly persistent.
Remember, in an inflationary environment, companies can still post reasonably good earnings as consumers are forced to pay for goods and services at an elevated price (until they absolutely can't and don't) likely getting less bang for buck.
Equivalent quality of life would be reduced but wouldn't show up in these kinds of charts.
