Earlier US data
showed GDP growth at 2.6% in the second quarter, up from 1.4% in the first
quarter, and besting expectations of 2.5%, while the preliminary reading for
GDP prices slowed down to 1.0% from 1.9%, missing expectations of 1.3, and
finally, the Employment Cost Index slowed down as well more than forecast.
University of Michigan released its second and final reading for the consumer
sentiment survey in July, showing a rise to 93.4 from the preliminary reading
of 93.1, besting expectations of 93.2, while below June's reading of 97.1. On
Wednesday, the Federal Reserve voted to maintain overnight interest rates at
between 1% and 1.25% at the Federal Open Market Committee's policy meeting in
Washington, while asserting their intention to start normalizing their massive
$4.5 trillion balance sheet later this year.
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