Strong consumer spending drove pace of GDP expansion to biggest rise in nearly two years
The US economy expanded more quickly than expected in the third quarter, growing at its fastest pace in almost two years in the latest sign of the country’s economic resilience in the face of high interest rates.
Consumer spending rose at an annualised rate of 4 per cent, up from just 0.8 per cent in the second quarter with solid growth across both goods and service sectors.Ratcliffe’s pursuit of Manchester United poised to go to extra timeThe data comes as the Federal Reserve prepares for a meeting next week to decide interest rates. The central bank has been trying to use higher rates to bring inflation back towards its 2 per cent target without causing a sharp deterioration in the economy.
Still, the growth data provide yet another reminder of the longer-term strength of the economy and support expectations that rates will stay elevated for an extended period. Longer-dated 10- and 30-year Treasury bonds, which have sold off drastically in recent weeks, are particularly sensitive to growth expectations.
The 10-year Treasury yield edged lower by 0.02 percentage points to 4.94 per cent. Expectations of Fed policy in the futures market were stable, with investors betting there is only a 27 per cent chance that the Fed will raise interest rates again this year.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
European markets inch higher on strong day for mining stocksUS shares buoyed by slew of upbeat corporate forecasts
Read more »
Inside Politics: Blazing row over refugee accommodation the ‘most divisive’ since formation of CoalitionProposed changes to how Ukrainians fleeing war are given shelter generates strong blowback from Fianna Fáil
Read more »
We need to realise that women’s sport is strong, valuable… and worth celebratingThe website for Irish women
Read more »
Gráinne Binns is charity fundraising by wild winter swimming for 100 daysAfter completing the challenge in 2022, the entrepreneur found a strong sense of being in the present moment and the benefits of achieving a goal that requires personal perseverance
Read more »
Skincare fans love €10 product that makes acne scars 'disappear completely'Skincare fans are going wild for a wand containing a strong serum that can fade stubborn acne scars from a brand called Glow Hub - and it's very budget friendly
Read more »
Peter McVerry: The government is ‘running an economy, not a society’The housing campaigner said Ireland’s economy is strong but record numbers of people are homeless and many cannot afford to buy a house
Read more »