The U.S. economy grew at its slowest pace in more than a year in the third quarter as a resurgence in COVID-19 cases further stretched global supply chains, leading to shortages of goods like automobiles that slammed the brakes on consumer spending.
The weaker-than-expected growth reported by the Commerce Department on Thursday also reflected decreasing pandemic relief money from the government to businesses, state and local governments as well as households. Hurricane Ida, which devastated U.S. offshore energy production at the end of August also restrained economic growth.
.jpg)
U.S. yields climb as weak GDP largely ignored, curve flattens again
U.S. Treasury yields advanced on Thursday, as investors shrugged off weaker-than-expected U.S. economic growth data and focused instead on the inflation components of the report, as well as a solid jobless claims number.
U.S. yield curves flattened again amid heightened expectation of a rate hike by the Federal Reserve next year, with the gap between 5-year and 30-year yields narrowing to 73.4 basis points, its tightest since March 2020.
Reference: Reuters
Thai
Eng