US GDP revised up sharply to fastest pace in a decade

•     US GDP revised up sharply to fastest pace in a decade

–    Q3 GDP +2.9% qoq SAAR, revised up from +3.9%. US economy has gone from near-recession conditions in Q1 to fastest growth in a decade in Q3

–    US interest rates jump, boosting USD to 2014 highs vs EUR, GBP, CHF and AUD

•     Oil rises on hopes that faster growth means more demand

–    But unseasonably warm weather in US likely to suppress fuel oil demand

–    Natural gas continues to plunge because of warm weather

–    It’s unclear what warmer weather means for growth – it could mean lower growth as people buy less winter clothing

•     Greek presidential candidate gets only 168 votes

–    Still far below the 180 needed on Dec. 29^th; Greek press says it “seems very difficult” to reach that threshold, general election “seems inevitable.”

–    Likely to be an EUR-negative factor later in the month and in Q1 2015

•     Today:

–    US: Initial jobless claims