Markets & Finance

Treasuries End Higher

Treasuries rose after the government said second quarter GDP rose a less-than-expected 3.0%, but the first-quarter GDP was revised to up 4.5% from the 3.9% previously posted. Economists had expected a 3.7% to 3.8% rise in the second quarter.

The second-quarter price index for personal consumption rose 3.3%, the same as in the first quarter. The data is likely to keep the Fed on a measured pace in August, but the uptick in prices will keep policymakers on alert.

Furthermore, there was some flight to safety amid reports of suicides bombers in Taskent, Uzbekistan. The bombers targeted the Israeli and U.S. embassies there, killing two local workers.

The Chicago purchasing management index rose to a higher-than-expected 64.7 level in July, from 56.4 in June. However, the employment index surprised many by slumping to a one-year low of 45.6 and prices paid pulled back from recent highs.

July Michigan Consumer Sentiment index rose to 96.7 from the previous reading of 96.0 and 95.6 in June.

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