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 contracted by 0.9% in the second quarter, far below analyst expectations for a 0.4% gain, driven by decreases in inventory investment, housing and government spending, according to Wednesday's advance estimate by the Bureau of Economic Analysis.
Consumer spending also slowed to 1.0% in the quarter from 1.8% in the first quarter, the lowest since 2Q 2020 early in the pandemic. Services spending, particularly on restaurants and hotels and health care, picked up but was offset by a decrease in spending on goods.
PCE inflation, the Fed's preferred indicator for consumer price trends, rose 7.1% in the second quarter, the same as the first quarter. Core PCE inflation edged down to 4.4% from 5.2% in the first quarter.
Source: BEA
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.