GDP increased at an annual rate of 3.9% in the third quarter of 2014, according to the "second" estimate released today, up from 3.5% in the “first” estimate. The increase in real GDP in the third quarter reflected positive contributions from PCE, nonresidential fixed investment, federal government spending, exports, residential fixed investment, and state and local government spending. Personal Consumption rose +2.2% vs. +1.8% prior (consensus +1.9%). The FHFA house price index posted a +0.5% gain in August, following rise of +0.2% in July, and came in flat for September (consensus +0.4%). The Richmond Fed manufacturing index in October rose to 20 from September's 14, and for November the index is expected to slip to 16. Treasuries are modestly lower in reaction to the hotter than expected GDP print and the curve has bull flattened with 2s10s down -0.7 bps.
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