"Overall, this was exactly the type of report the Federal Reserve is looking for," said Curt Long, chief economist at the National Association of Federally-Insured Credit Unions.
Long said the data supported arguments that the Fed could employ rate hikes of 50 basis points rather than 75 starting with the December meeting. Though he found the data encouraging for those looking for signs of cooling inflation, he said it was likely too early for the Fed to change course from the trend of 75 basis point hikes at the meeting next week.
Cliff Hodge, chief investment officer at Cornerstone Wealth, agreed, calling the data a "goldilocks number for risk assets."
However, some weren't so sure about the GDP report's impact on the markets. Liz Young, head of investment strategy at SoFi, said it was likely not a major driver of intraday trading. She also said the data showed there was not a current recession, but warned against taking it to mean that there is no likelihood of one going forward.
"I don't think that that was a data point that was big on the market trading docket today," she said.
