US real GDP increased at an annualized rate of 2.8%, way above the 2.0% forecast. That growth is also hotter than the first quarter's 1.4%.
The Federal Open Market Committee will meet at the end of July, and a rate cut is not anticipated to be announced. Economists believe it's time for rate cuts, criticizing the current high-interest rate policy.
Much of this economic slowdown is by design. The Federal Reserve's strategy has been to weigh on aggregate demand, cool off the hot job market, and allow wage and price pressures to ease.
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