During the first full quarter with President Trump in charge, economic growth hit 3%, according to revised estimates released by the government on Wednesday.
Within minutes of the report coming out, currency traders started upping the odds that the Bank of Canada will hike its benchmark interest rate when it meets next week.
The gap between the Canadian 2-year yield and its US equivalent narrowed by 4.3 basis points to a spread of -5.5 basis points, its narrowest since July 31.
SHORT TERM TRADER: Square but will sell on a daily close below 7300. That pace should be strong enough to keep job growth and wages on track for further gains, while keeping the threat of inflation modest for now.
Mark Zandi, chief economist at Moody's Analytics, said he expected growth for the current quarter of 2.9 percent and a 2.6 percent gain for the fourth quarter.
The rate surpassed analyst expectations, which called for an increase of 2.7 per cent. Consumer spending have played their traditional role as the locomotive accelerating to 3.3 % from 1.9% in the previous quarter.
Sharad Yadav likely to be expelled from JD (U)
He said this rally will again prove that Lalu is the "only mass leader" in Bihar and his social support base is still intact. Congress president Sonia Gandhi , her son Rahul and BSP chief Mayawati did not attend the rally.
Gross domestic product grew at an annualized 4.5 percent, Statistics Canada said on Thursday, handily topping forecasts for 3.7 percent and making for the best pace of growth since the third quarter of 2011.
This is the strongest two-quarter growth since 2002, in which there was a half-year increase of 2.1%. The Feds found that "F$3 ixed nonresidential investment rose at a 6.9% pace last quarter, up from an initial estimate of 5.2%, including stronger spending on software".
During last year's presidential campaign, Trump repeatedly attacked the Obama administration's economic record.
The revisions indicate greater momentum going into the second half of 2017, as well as showing that growth in GDP - the value of all goods and services produced - may be broadening beyond household spending.
Economists are not looking for Hurricane Harvey to make much of an impact on economic growth, believing that a spike in the cost of gasoline and other energy prices will be short-lived as refineries along the Texas Gulf Coast resume operations quickly.
Canadian government bond prices were mostly lower across the yield curve, with the two-year price down 7 Canadian cents to yield 1.275 per cent and the 10-year falling 13 Canadian cents to yield 1.851 per cent. Both forecasting firm Macroeconomic Advisers and the Federal Reserve Bank of Atlanta's GDPNow model were predicting a third-quarter growth rate of 3.4% ahead of Wednesday's report. Fourteen out of 20 major industries expanded during the month, DePratto noted, with the goods-producing side of the economy leading the way.