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The US 10-year Treasury yield climbed to 5.3% on Wednesday, nearing its highest level since 2002, as the bond market remained largely unmoved by softer-than-expected inflation figures. The PCE price index rose 0.3% in August, below the forecasted 0.4%, while core PCE increased 0.2%, also undershooting expectations.
At the same time, final Q2 GDP data showed the US economy growing at an annualized pace of 2.2%, revised up from the previous 1.5% estimate, and the ADP report indicated that private-sector job growth in September outpaced projections.
Treasury yields remain elevated as persistent, energy-driven inflation and a resilient economy continue to bolster expectations of further interest rate increases. Although today’s data has slightly reduced the likelihood of an imminent rate hike, markets are still broadly anticipating another increase in December.
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