The data released over the course of last week continues to support our view on the economy, labor market, the Fed, and inflation for Q4 and 2010. We continue to expect real GDP growth of between 4.0% and 4.5% in Q4 (consensus is 3.0%) and growth in the 3-4% range for the full year 2010, with stronger 3-5% growth in the first half and slower 2-3% growth in the second half.

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