October 28, 2016 / 12:56 PM / 3 years ago

U.S. Treasury yields rise after stronger-than-expected GDP data

NEW YORK (Reuters) - U.S. Treasury debt yields rose on Friday after data showed the world’s largest economy grew at a faster rate than expected in the third quarter, suggesting the U.S. Federal Reserve was on track to raise interest rates at its December meeting.

Gross domestic product grew at a 2.9 percent annual rate after expanding 1.4 percent in the second quarter, the Commerce Department said on Friday in its first estimate. That was the strongest growth since the third quarter of 2014.

Benchmark 10-year Treasury notes US10YT=RR were down 4/32 in price to yield 1.861 percent, up from 1.843 percent late on Thursday.

U.S. 30-year bonds US30YT=RR were 11/32 down in price to yield 2.618 percent, up from Thursday’s 2.602 percent.

U.S. two-year note yields were at 0.888 percent US2YT=RR, up from Thursday’s 0.884 percent. They hit a five-month high of 0.9 percent following the GDP data.

Reporting by Gertrude Chavez-Dreyfuss; Editing by Bernadette Baum

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