Treasury yields rose sharply after the first estimate of second-quarter gross domestic product growth came in higher than expected. The 10-year Treasury note...
Treasury yields rose sharply after the first estimate of second-quarter gross domestic product growth came in higher than expected. The 10-year Treasury note yield TMUBMUSD10Y, +0.07% was up 1.7 basis points to 2.091%. The 2-year note yield TMUBMUSD02Y, +0.66% climbed 2.8 basis points to 2.884%. Debt prices move in the opposite direction of yields. The U.S. economy grew at a 2.1% annualized pace in the second-quarter, down from 3.1% in the first-quarter.
Economists polled by MarketWatch had forecast the U.S. to grow at around 1.9% annualized pace. Strong economic growth and the implications for fiercer inflationary pressures can weigh on prices for government paper, lifting yields. The GDP report showed household spending remained a bright spot in the U.S. economy, even as business investment slumped. Friday's data comes ahead of the Federal Reserve's meeting next week when it is expected to deliver a 25 basis point rate cut.
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