Wall Street was anticipating today's third-quarter GDP report to be a monster print, but the figure arrived even hotter than expectations. The report showed persistent consumer spending, which is anchoring hawkish monetary policy expectations despite the data providing favorable inflation news.
Outlook
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Retail sales push yields back towards upper end. The strong retail sales data released this morning from the Commerce Department points to a giant third quarter GDP print, which is scheduled for release next week and is likely to keep the Federal Reserve a focus point for investors.
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The latest Consumer Price Index (CPI) report shows that inflation is at its swiftest pace in over a year, with a 0.6% month-over-month increase and a 3.7% year-over-year rise.