The GDP reading for the second quarter showed an economic contraction.
The yield on the 10-year Treasury note fell. The 2-year yield fell.
The 30-year Treasury yield moved lower. One basis point is equal to 0.02%.
| TICKER | COMPANY | YIELD | CHANGE | %CHANGE |
|---|---|---|---|---|
| U.S. 3 Month Treasury | 2.394 | -0.057 | 0 | |
| U.S. 1 Year Treasury | 2.919 | -0.082 | 0 | |
| U.S. 2 Year Treasury | 2.887 | -0.085 | 0 | |
| U.S. 5 Year Treasury | 2.713 | -0.082 | 0 | |
| U.S. 10 Year Treasury | 2.681 | -0.051 | 0 | |
| U.S. 30 Year Treasury | 2.988 | -0.014 | 0 |
The Bureau of Economic Analysis said GDP fell in the second quarter. This was the second-straight negative quarter for GDP, which has been associated with economic downturns in the past.
The National Bureau of Economic Research uses a more nuanced definition of a recession. Solid job growth during the first half of the year and impact of high imports on GDP have led some to believe that the NBER will not declare a recession during the first two quarters of the year.
The market moved after the Fed raised interest rates for the second month in a row. The central bank will make rate hikes on a meeting-by-meeting basis, according to Chairman Powell.
The U.S. economy is not in a recession, according to the Fed. The comments caused U.S. stocks to rise.
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