The US Commerce Department revised second-quarter GDP growth up by 0.7 points to 2.2 percent and raised first-quarter growth to 2.5 percent, citing consumer spending, investment and exports. The Fed’s preferred PCE inflation gauge held at 3.4 percent year-on-year in August. Private payrolls rebounded with 90,000 private-sector jobs in September, reinforcing concerns about inflation and possible further Fed policy tightening.
