News

Inflation-adjusted GDP, which measures the value of goods and services produced in the United States, increased at a revised 3.8% annualized pace—stronger than the previously reported 3.3% and a reversal of the economic contraction of the first quarter.

For investment-grade borrowers, “the timing could not be better. ... New-issue concessions are absent, with massive order books for every deal.”

The technology giant—which has nearly doubled in value this year—is issuing debt in six parts, including a rare 40-year bond.

Other FOMC members remain concerned about inflation and do not currently support an another interest rate cut in October.

The bureau now says its 2024 CE report, originally scheduled for release today, will come out on October 30 instead.

Although inflation remains “somewhat elevated,” FOMC officials agreed to cut interest rates because “downside risks to employment have risen.”