FOCUS OF THE DAY: US Q2 GDP – second estimate
Dear traders,
The US Commerce Department will publish updated figures on the second quarter economic growth today, at 15:30 Kiev time.
According to analysts, the economy for the second quarter will show an increase of 4.0% at annual rate. This value will be revised downwards after a preliminary estimate of GDP growth of 4.1%.
Nevertheless, the revised value will remain the highest indicator of US GDP growth since the third quarter of 2014.
The current US economic expansion, already the second longest on record, has been given extra fuel in the form of major tax cuts, which will help keep the chances of a major slowdown quite low for the rest of this year.
The data is unlikely to alter the outlook for monetary policy after Fed Chairman Jerome Powell reiterated last week that the case for continued gradual rate hikes remains strong despite President Donald Trump’s criticism of higher borrowing costs.
Traders of interest rate futures kept their bets on rate hikes in both September and December in the wake of Powell’s latest comments. (Investing.com)
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