The preliminary third quarter GDP print showed the economy expanded at a 1.50% pace according to the advance estimate report released yesterday. The advance GDP price index for the quarter increased 1.20%, missing estimates of 1.50% and down from 2.10% from the second quarter. Although subject to revisions, the initial GDP estimates confirm that the US economy continued to experience moderate growth during the third quarter of the year before growth normalizes from the fourth quarter onwards. The modestly better GDP results saw the 10-Year US Treasury yields rise to 2.14%, posting a one-month high as the markets start to price in the probability for a December rate hike, which until yesterday seemed improbable. The equity markets however continued to tread higher, with the S&P 500 closing the session at 2084.