US Economy Grows By 2.1% In Q2, Lower-Than-Expected Initial Claims Signal Tight Job Market
Portfolio Pulse from Piero Cingari
The US economy grew at a 2.1% annualized rate in Q2 2023, in line with the second estimate but slightly lower than the 2.2% growth in Q1. Jobless claims were lower than expected, signaling a tight job market. The iShares 20+ Year Treasury Bond ETF (TLT) opened weaker, heading for its worst month since April 2022. Traders are not expecting another interest rate hike by the Federal Reserve this year.
September 28, 2023 | 2:03 pm
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The iShares 20+ Year Treasury Bond ETF (TLT) opened weaker, heading for its worst month since April 2022. This is likely due to the economic growth and tight job market, which reduces the appeal of safer assets like bonds.
The US economy's growth and the tight job market are likely reducing the appeal of safer assets like bonds, leading to a weaker opening for TLT. As these conditions persist, TLT may continue to underperform in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100