CovfefeA 3.4% GDP post, more on the East Potomac golf course, and the Alaska Senate ballot, Oct 28-30
This note covers @realDonaldTrump posts on Truth Social from early Wednesday, Oct 28, through early Friday, Oct 30 UTC. Most of the feed in this window was midterm material: endorsements for House candidates in Pennsylvania, Montana, and Kentucky, early voting notices for Oklahoma, Kentucky, and Montana, and rally photos from South Carolina. One post on Thursday dealt directly with economic data.
Third-quarter GDP (Thursday, Oct 29)
At 18:52 UTC on Thursday (11:52 AM Pacific), about six hours after the government's first estimate of third-quarter growth came out, the account posted:
Today I am pleased to report, in Breaking News this morning, that the U.S. Economy is BOOMING at 3.4 PERCENT — A Historic Level of Economic Growth. Consumer spending is WAY UP, Business Investment is WAY UP, and Investment in new Equipment EXPLODED by 21%, which means Record Numbers of Factories and Companies are being built and expanded in the U.S.A. Very importantly, Core Inflation remained LOW. We are smashing expectations — with today’s numbers beating 72% of economists’ forecasts. Our Economy is ROARING but, if the Dumocrats win the Midterms, they will burn it all down. If you want to keep this Growth going, you must vote REPUBLICAN! President DONALD J. TRUMP
Source: Truth Social post
What the BEA reported
The Bureau of Economic Analysis released its advance estimate for the third quarter at 8:30 a.m. Eastern on Oct 29. Real GDP grew at an annual rate of 3.4% from July through September, up from 2.2% in the second quarter. On a plain quarterly basis, that is 0.8%. The BEA said the gain came from investment, consumer spending, and government spending, partly offset by a drop in exports (led by petroleum products). Imports, which are subtracted in the GDP math, rose.
Within investment, the BEA said the increase came mainly from private inventories and equipment, and that the equipment gain was led by information processing equipment, mainly computers and peripherals. The Korea Times, carrying Reuters reporting, put equipment spending growth at a 20.9% annual rate, the fastest since the third quarter of 2020, adding 1.16 percentage points to growth. BEA data on FRED shows information processing equipment alone grew at a 37.4% annual rate.
Consumer spending rose at a 3.8% pace, the same as in the second quarter, according to The Guardian.
Expectations and inflation
The post says the numbers beat 72% of economists' forecasts. The Guardian reported that economists polled by Reuters had expected 3.2%, with estimates ranging from 1% to 4.2%. USA Today added that the Atlanta Fed's GDPNow tracker had pointed to 3.3%.
On inflation, the BEA's quarterly figures show the core PCE price index (which leaves out food and energy) rising at a 2.5% annual rate in the third quarter, down from 3.3% in the second. Monthly data released the same day looked different. The Guardian reported that the overall PCE price index rose 0.5% in September alone, putting the yearly rate at 3.6%, and that core PCE inflation rose to 3.1%. The Federal Reserve left its benchmark rate at 3.75% to 4% on Wednesday and described inflation as still "elevated."
This is an advance estimate. The BEA lists Nov 25 as the next release date for these series, and the figures can change.
Other posts in this window
- East Potomac Golf Course (Thursday, Oct 29, 02:42 UTC). A post with photos of the driving range building said: "East Potomac Golf Course is highly dangerous, dilapidated, and absolutely disgusting." It added that "We will hold the judge, Ana C. Reyes, fully responsible for anybody who is hurt, or killed, on this very dangerous, dilapidated, and unsightly Golf Course." An earlier post this week said the site would close on Nov 15 for renovation. Truth Social post
- Alaska Senate ballot (Wednesday, Oct 28, 19:08 UTC). A post cited a New York Times report on a second candidate named Dan Sullivan on the Alaska Senate ballot and said Democrats "illegally searched for, and recruited" him. It also said "Dan Sullivan should be allowed to run without either Mary Peltola or FAKE Dan Sullivan on the Ballot." Truth Social post
- Iran polling (Wednesday, Oct 28, 05:25 UTC, reshared again Thursday). The account reshared a post that read "Strong Majority backs @realDonaldTrump stopping Iran from getting Nukes," linking a Newsmax poll item dated March 12, 2026. Truth Social post
- Nursing home program link (Wednesday, Oct 28, 19:08 UTC). A post shared the Nurses for Nursing Homes program page, which was announced on Monday. Truth Social post
Covfefe publishes information, not investment advice. Nothing here is a recommendation to buy, sell, or hold any asset. Quoted posts link to their original source.