WASHINGTON -- Bond market worries that Federal Reserve officials will move soon to tighten credit subsided Friday after the government reported that consumer spending slowed while businesses piled up inventories in the second quarter.

The Commerce Department's advance estimate for gross domestic product showed growth of 3.7%, which was in line with expectations. Inflation measures remained tame, with the fixed-weight price measures and the implicit price deflator both up 2.9%.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.