Published yesterday afternoon US revised second quarter GDP grew at 1 per cent in the quarter for an annualised rate of 3 per cent, up from an original 2.6 and the first time it’s been at 3 in two years. Growth was fuelled by consumer spending which was running at 3.3 per cent rather than initial estimates of 2.8 per cent. Inflation data remained subdued, with core personal consumption expenditures, the Fed’s favourite measure on consumer price growth, increased at an annual rate of just 0.9 per cent.
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