US Q3 GDP, September PCE Due Oct 29; GDP Seen Up 3.2%

The detail that matters most is the 10-2 hold with both dissenters pushing for a hike — that tells you the policy debate has tilted hawkish, not dovish, and a hot core PCE print would give that minority more weight heading into December. Because GDP and PCE land together, the market reaction hinges on the mix: growth near the expected pace alongside sticky core inflation is a harder combination than either number alone. The open question is whether the dissenters' case gains traction once this data is in hand.