Given this code, what will be the output and why?

Given this code, what will be the output and why?

async function getData() {
  return Promise.reject('Failed to load');
}

getData()
  .then(data => console.log('Data:', data))
  .catch(err => {
    console.log('Error caught:', err);
    return 'Default data';
  })
  .then(result => console.log('Result:', result));