JP Morgan AM: US GDP growth remains robust
JP Morgan AM: US GDP growth remains robust
Last week’s US third quarter GDP print offered investors a final snapshot of the US economy before election day and painted a picture of robust economic health. Headline GDP growth fell slightly from 3.0% quarter-on-quarter to 2.8%, but the composition means that growth worries will be few and far between.
Private consumption and government spending remain strong, and corroborating evidence from business surveys suggests the slowdown in investment could be temporary. Despite this robust backdrop, both parties have laid out plans for expansionary fiscal policies and in recent weeks bond investors have already started demanding additional compensation for longer-term government financing. Whether or not the next President controls Congress, and therefore is able to implement their fiscal plans, will be key to the direction of bond yields from here.
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