US: A soft GDP report, QE3 more likely
US GDP growth disappointed in Q4 rising only 2.8% vs. consensus of 3.0%. More disappointing were the details showing only 2.0% growth in private consumption and inventories adding almost two percentage points. Main drags come from government consumption and net exports. Fixed investment also slowed, but this was less of a surprise following weak capital goods orders. Looking ahead we expect continued growth around 2.5-3%. In 2013 we should see a recovery in exports and consumption growth
