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US GDP growth beats expectations, but fails to dent the market’s faith in rate cuts
We’ve had a pretty solid set of US activity numbers today, but it isn’t having a major impact on market expectations for rate cuts, which are increasingly being seen as a done deal. GDP grew an annualised 2.8% in second quarter 2024, a little above our 2.5% forecast and more so against the 2% consensus figure while the core PCE deflator, the Fed’s favoured inflation measure, rose 2.9% annualised versus the 2.7% expectation. This latter figure, which is an improvement on the 3.7% jump in the first quarter, implies that tomorrow's month-on-month core PCE deflator will be 0.28% MoM, which seems unlikely based off ... (full story)
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- Posted: Jul 25, 2024 10:25am
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 3,184
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