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Hilsenrath: Modest Growth Beneath the Surface Keeps Fed on Track
Wednesday’s surprisingly strong report on second-quarter economic growth should keep the Federal Reserve on track to finish its bond-buying program in October, while intensifying the debate about when to start raising short-term interest rates without resolving it. The new figures provide the Fed relief that the economy has weathered a disappointing first quarter But they don’t sharply change the narrative being told by Chairwoman Janet Yellen, who said in testimony to Congress earlier this month, “Although the economy continues to improve, the recovery is not yet complete.” To cut through the noise and ... (full story)