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Read the highlights of this week's commentary from Helios:
- The US economy unexpectedly accelerated in the second quarter. GDP expanded at a 2.4% annualized rate, compared to 2% in the first quarter. The growth was well ahead of the expected 1.8% growth rate by economists surveyed by Bloomberg.
- As expected, the Fed raised the benchmark fed funds rate by another 25 basis points to 5.5%, marking the 11th hike since March 2022. The Fed doesn’t expect to fully tame inflation until around 2025 though the Fed staff is no longer forecasting a recession.
- In June, both consumer income and spending rose. Spending rose 0.5%, slightly ahead of expectations, and a slight upward revision to May’s data. Incomes rose 0.3%, a slight slowdown of the 0.5% rise in May and below expectations of a 0.5% rise.
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