Q2 GDP, PCE data 'not enough to seriously challenge September Fed cut': Evercore
The latest batch of gross domestic product and personal consumption expenditures data came in a bit stronger than expected, yet “not enough to seriously challenge” expectations of a September interest rate cut from the Federal Reserve, Evercore ISI strategists said.
Solid personal income growth continues to support consumption, although a two-speed economy may be emerging, with lower-end consumers feeling more financial pressure. "These revisions will not be helpful for the Fed,” strategists commented. “But we do not think they are of a magnitude that makes a meaningful difference to the very high probability of a September rate cut.”
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