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U.S. News & World Report: 2Q GDP Revised Upward, But Still Negative

Tim Smart | August 25 , 2022

The U.S. economy contracted in the second quarter but at a rate that was less than originally estimated, the Bureau of Economic Analysis reported on Thursday. The Fed is caught between its desire to stamp out inflation and avoiding a recession, although Chairman Jerome Powell has said the central bank is prepared to see the economy slow if that is what it takes to bring inflation back closer to the Fed’s 2% annual target.

Powell will speak about the central bank’s view on inflation and interest rate policy going forward as the Fed hosts its annual summer symposium at Jackson Hole, Wyoming. 

“Though inflation overall may be showing signs of a peak, we remain cautious about calling this latest move a trend with any legs, because the number was largely driven by the decline in gas prices,” Mace McCain, chief investment officer at Frost Investment Advisors, wrote on Wednesday.

Excerpted from U.S. News & World Report on August 25, 2022. To read full article, click here.

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