Taken out of context of the epistle and of the other NT examples of this and similar formulae, yes, the phrasing here could technically yield either of the two translations offered by John Moody. But, given that both God (the Father) and Jesus are characteristically linked in grace benedictions in the Pauline corpus, it seemsmore likely that two "sources" of the grace here are intended. Larry Hurtado, Religion, Univ. of Manitoba