US Q3 GDP came in at 3.4%, above expectations, with elevated inflation. Northlight's Chris Zaccarelli says the mix is bad for rates but okay for stock investors, arguing the bull market won't be cut off by higher rates alone. The ECB held rates at 2.5% but signaled a likely December hike, with President Christine Lagarde announcing she will step down in February. The Bank of Canada raised rates this week, with Morgan Stanley expecting one more hike in January. Caterpillar fell 10% on weak Q3 revenue despite record power-and-energy demand.
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