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Exceeding expectations! Strong consumer support, with initial GDP of 4.9% in the third quarter of the United States

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According to data released by the US Department of Commerce's Bureau of Economic Analysis on Thursday, the initial reading of the US gross domestic product (GDP) for the third quarter was 4.9%, a new high since the fourth quarter of 2021. The expected market growth rate is 4.7%, with a previous value of 2.1%.
Despite facing high interest rates, inflationary pressures, and other factors, the US economy continued to grow faster than expected in the third quarter and far exceeded the level of the second quarter due to factors such as consumer spending, inventory growth, exports, residential investment, and government spending.
As investors weigh GDP data, US stock index futures have maintained a downward trend ahead of the trading session. As of press release, Dow futures have fallen 0.11%, S&P 500 index futures have fallen 0.38%, and Nasdaq futures have fallen 0.61%. Among them, influenced by the financial reports of Google's parent company Alphabet and Facebook's parent company Meta, the Nasdaq entered a correction zone. In the bond market, the 10-year US Treasury yield fell 3 basis points to 4.925%, still approaching the 5% mark.
According to the CME Federal Reserve observation tool, the market expects a 99.8% probability of the Federal Reserve not moving at the November policy meeting, and a 26.9% probability of a 25 basis point rate hike in December.
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