The third estimate for Q2 GDP was largely as expected. Real GDP was unchanged from the second estimate at -0.6%, as expected, and the GDP Price Deflator was bumped up to 9.0% (Briefing.com consensus 8.9%) from 8.9%.
The key takeaway from this report is that it won’t register at all as a market mover since we are a day away from being done with the third quarter.
The 10-yr note yield fell from earlier highs. It was at 3.86% earlier, now sitting at 3.79%.
The 2-yr note yield remains near its high, up 11 basis points to 4.21%.