joining us now is chris rupkey from mufg union bank. good morning. >> good morning.on the u.s. economy. the economic data is taking a backseat to earnings and politics now. when does it come back to the forefront? >> well, that's interesting. it is almost as if the fed is not address much data dependent. remember what yellen said in september, it's not the economy doing what they want, they just wanted it to run more. in that context people are not going from data point to data point, from gdp to payroll jobs to unemployment claims. the market is squelched here just waiting. you can't say it's like a coiled spring getting ready for volatility to explode. it's just very quiet. the fed has put down their heavy boot on the fixed income market, yields are not moving. >> what about that data yesterday, consumer confidence, did that concern you? >> i wrote that it concerned me. yeah. it came down, but it's still above the average for the year. it is not signaling that the election jitters are getting to the consumer yet. consumer spending was strong in the second quarter.

chris rupkey says, it is certainly strong enough for the fed to come to the markets with a rate hiket talking a whole lot about a november hike. i want to show you one thing, guys. we in our tracking our cnbc rapid update we were at 3, it came in at 2.9 and there's the atlanta fed at 2.1. we don't always win this good, but this was a big win for rapid update, which as you know takes together all of the tracking estimates on the street and averages them together with the idea that nobody has a perfect model, so we use the wisdom. big win for rapid update. i think we ended up real close there, carl. >> congratulations, steve. thank you, steve liesman. meanwhile, the trump campaign pouncing on the gdp numbers saying an america can do better similar to what trump's running mate mike pence told squawk this mornin morning. take a listen. >> first you have to level with the american people. i mean, 1% economy is just not good enough. and the american people know it. and donald trump's got a plan very different from hillary clinton's plan. i mean, hillary clinton wants to raise taxes by $1 t