US Treasury yields near 5% after 3.4% GDP, inflation rises
Business
US Treasury yields stayed close to the 5% mark after some surprisingly strong economic data dropped.
The economy grew faster than expected last quarter, with GDP up 3.4% (beating the 3.1% forecast).
Plus, a key inflation measure rose more than the Federal Reserve's target, signaling prices are still running hot.
Fed holds, markets price December hike
This all came right after the Fed decided to keep interest rates steady for now, but hinted that future moves will depend on how things unfold.
Markets are betting there's an 83% chance of a rate hike in December, so people are cautiously optimistic but know things could still change.
As investors processed the news, Treasury yields dipped just a bit, showing everyone's watching what the Fed does next.