The U.S. economy’s recovery from the COVID-19 pandemic was much stronger than initially thought amid massive fiscal stimulus, according to revisions on Thursday, which also showed the gap between the two measures of growth narrowing sharply in 2021. Gross domestic product increased 5.9% in 2021, the Commerce Department said in its annual revision of GDP data. That was revised up from the previously reported 5.7% growth.
U.S. stock indexes slipped on Thursday as worries of a global economic downturn from aggressive central bank rate hikes and risks of potential contagion from a turmoil in UK markets turned investors risk averse. Out of the 11 S&P sector indexes, six dropped more than 2%. The Nasdaq fell over 1% due to losses in megacap companies such as Amazon.com Inc , Apple Inc, Microsoft Corp , Meta Platforms Inc and Tesla Inc.
Pound Sterling fell as much as 1% on Thursday before cutting losses and turning positive as the dollar wavered and British Prime Minister Liz Truss defended the government’s economic plans. Truss said big tax cuts were the right path for Britain and refused to consider reversing the so-called “mini budget” laid out last week, which triggered chaos in markets. The pound was up 0.7% to $1.09660 after rebounding from a session low of $1.0764. The euro was down 0.73% against sterling at 88.81 pence.
The 6M Euribor increased with 1 basis point to 1.86% compared to previous business day. The 10Y Swap increased with 4 basis points to 3.14% compared to previous business day.
In the attachment, today’s market data on money and capital market rates as well as other rates are presented.
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