The poor performance was the second consecutive quarter of economic contraction
Stock prices tumbled and bond yields rose as many investors feared a more aggressive Federal Reserve
The economic contraction meets one informal sign of recession
The improvement stemmed from the economy moving from recovery to steady growth
Wednesday's report increased hope that the modest slowdown might enable the Fed to slow the pace of its rate increases
Even with the economy recording a second straight quarter of negative GDP, many economists do not regard it as constituting a recession
Strong U.S. jobs numbers could spur more Fed hikes
Index declined for second month in a row
The Canadian banking industry's push south comes after U.S. President Joe Biden issued a broad executive order calling for increased competition
At a hearing, the U.S. Treasury Secretary was pressed on the causes of inflation