▸ Strong US economic data damps hopes for extended series of rate cuts from Fed▸ S&P 500 and Nasdaq trend lower while Treasury yields rise on robust figures▸ Gilt yields also rise after downbeat comments from BoE rate-setter on cutsUS stocks slipped and government bond yields rose yesterday after robust economic data cast doubt on investors' expectations for a series of interest rate cuts by the Federal Reserve.Revised figures for US second-quarter growth showed that the world's biggest economy grew more strongly than previously estimated, with GDP increasing at an annualised rate of 3.8 per cent in the three months to the end of June compared with an earlier estimate of 3.3 per cent.Consumer spending was also revised higher, growing at an annualised rate of 2.5 per cent from 1.6 per cent previously. In addition, the number of initial jobless claims data for the US was lower than analysts had expected.
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