Weekly Economic Update: July 31, 2023
• Yields moved higher over the week with the two-year Treasury note rising by two basis points to 4.88% while the five-year note increased by seven basis points to 4.17%.
• The advance reading for second quarter GDP growth surprised to the upside advancing by 2.4% compared to an expected 1.6%.
• The underlying details of GDP growth were strong as capital outlays, consumer spending and durable goods all grew at a healthy clip.
• Consumers ramped up their spending in June as real personal spending topped expectations advancing by a robust 0.4% compared to an expected 0.3%.