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» U.S. Economic Update
» Fed Meeting in Jackson Hole
» Impact of Rising Rates
» New Asset Requirements for Banks

The U.S. GDP growth rate for the second quarter was revised downward from 2.4% to 2.1%. The revision included more comprehensive data than was available in the first release and showed a decline in private inventory investment. Consumer spending and government consumption continued to increase, but at a lower rate than expected.
The August nonfarm payrolls report exceeded expectations of 170,000 and created 187,000 jobs. Additionally, the unemployment rate unexpectedly rose from 3.5 to 3.8% in August. The increase was primarily due to more job seekers entering the workforce.
The Fed’s most recent meeting minutes suggest that the committee is near the end of hiking short-term interest rates. According to CME FedWatch, at the end of August, there was a 93% likelihood that the Fed would pause interest rate increases at the September meeting. Meanwhile, the longer end of the yield curve continued to rise as the 10-year U.S. Treasury yield reached 4.3%, its highest level since 2007. Regardless of what the Fed decides on the future of interest rates, the current cycle has already made history as the largest percentage increase when comparing the change from the beginning and ending levels of interest rates.

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