September 30, 2026

In the US, second-quarter GDP grew by an annualized 2.2%, while August PCE inflation came in below expectations

International

In the United States, second-quarter Gross Domestic Product (GDP) grew at an annualized rate of 2.2%, according to the final estimate. This figure exceeded the 1.5% expected by the analyst consensus, though it was slightly lower than the revised performance of the first quarter (2.5% annualized).

Meanwhile, the Personal Consumption Expenditures (PCE) price index—the Federal Reserve's (Fed) preferred indicator for monetary policy decisions—came in below estimates across all measures for August. Specifically, it recorded a 0.3% monthly and 3.4% year-over-year increase, while the core measure (excluding food and energy) rose 0.2% monthly and 3.0% annually. Notably, the annual figures showed a slowdown compared to July.

U.S. Treasury yields showed mixed movement yesterday ahead of the release of inflation and economic activity data. The 1-year bond yield settled at 4.46% (down from 4.51%), and the 3-year bond yield stood at 4.98% (down from 5.01% on Monday), while the benchmark 10-year bond yield rose to 5.25% (up from 5.23%).

At the same time, major U.S. stock indices posted slight declines during yesterday's trading session. The Dow Jones fell 0.3%, followed by the S&P 500 (-0.2%) and the Nasdaq (-0.1%). Despite these results, the indices have accumulated year-to-date gains of 6.8%, 12.0%, and 15.3%, respectively.

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