Benzinga
Published Feb 28, 2024 13:39
Updated Feb 28, 2024 14:40
US GDP Growth Downwardly Revised To 3.2% In Q4, Mortgage Demand Tumbles Further: Wednesday's Economic Digest
Benzinga - by Piero Cingari, Benzinga Staff Writer.
The U.S. economy’s growth experienced a slight downward adjustment for the fourth quarter of 2023, still showcasing a healthy growth rate but at a marginally slower pace than initially estimated, according to the second estimate released Wednesday.
Mortgage rates remain relatively stable, staying above 7% for the week ending Feb. 23, with a continued decline in applications for the third consecutive week.
Additionally, markets anticipate approximately 84 basis points of cumulative reductions in interest rates by December 2024, suggesting an expectation of slightly more than three rate cuts of 25 basis points each.
Following the release, the U.S. dollar index (DXY), as monitored by the Invesco DB USD Index Bullish Fund ETF (NYSE:UUP), maintained its gains for the session, up 0.3%.
Futures on both the S&P 500 and Nasdaq 100 were 0.3% lower in Wednesday’s premarket trading.
Read now: Nasdaq, S&P 500 Futures Decline As Traders Await GDP Data, Fed Speeches; Bitcoin Eyes $60K Milestone: Analysts Highlight Small-Cap Gains As Sign Of Robust Economy
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