The US GDP data showing nearly 5% growth, coupled with easing inflation, fuels soft landing hopes.
Upward pressure on real yields might curb US economic growth by hampering consumption in the coming quarters.
Overnight, the European Central Bank left interest rates unchanged as expected, sending the euro briefly to a two-week low. The dollar is is trading above the critical 150 yen level, with traders on guard for any signs of intervention ahead of the Bank of Japan policy meeting on Tuesday. US data overnight confirmed a resilient economy with inflation easing, feeding soft landing hopes. The US economy grew almost 5% in the third quarter, but a slowdown in expected from here.
Much attention was on underlying inflation, which subsided considerably last quarter, fuelling hopes that the closely watched US personal consumption expenditures for September on Friday — the Fed’s preferred gauge of inflation — are likely to surprise on the downside as well. The benchmark yield on 10-year Treasury notes was up 2 basis points to 4.8657% after easing 10 basis points overnight. It breached 5% on Monday for the first time in 16 years.
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