Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
U.S. GDP accelerated in the second quarter to a 2.4% rate from 2% in the previous quarter, beating Wall Street estimates by several tenths, and consumer spending grew a faster-than-expected 1.6% pace, the Bureau of Economic Analysis said Thursday.
The pick-up in growth primarily reflected an upturn in private inventory investment and an acceleration in nonresidential fixed investment that were partly offset by a downturn in exports, and decelerations in consumer and government spending, the BEA said. Imports also turned down. Consumer spending was 4.2% in the first quarter.
The PCE price index rose 2.6% in the second quarter, down from 4.1% in the previous quarter, while core PCE inflation was 3.8%, down from 4.9%.
Federal Reserve Chair Jerome Powell on Wednesday noted staff economists at the central bank no longer expect a recession this year. The Fed raised rates this week to a 22-year high of 5.25%-5.5% to rein in inflation. (See: MNI FED WATCH: Powell Withholds Guidance, Keeps September Alive)
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.