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Grandpere’s love builds a Viking ship in West Pubnico | SaltWireThe two biggest economies in the world are both beating forecasts but U.S. economic growth looks to have leapfrogged China's expansion, in a somewhat alarming development for Federal Reserve watchers and bond markets.
Another a series of consensus-busting U.S. retail and industrial data for September have seen Wall St scramble to upgrade U.S. growth forecasts yet again as the Atlanta Fed's real-time GDP growth estimate now clocks a whopping 5.4% for the third quarter. But China's year-on-year growth is flattered by comparison with COVID-related lockdowns in 2022 and its comparable annualised quarterly expansion of about 5.2% is now less than the Atlanta Fed estimate for the United States.
And with a 20-year Treasury bond auction also due later in the day, bond markets are back running scared. Two-year Treasury yields hit their highest since 2006 on Tuesday at 5.24% and held most of those gains overnight - while 20-year yields are hovering around 5.2% as well.
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