US Economy Powers Ahead, Boosting Chances of Averting Recession
- GDP data support views of soft landing with cooler inflation
- Figures risk tilting Fed toward hiking interest rates again
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The US economy shined in its latest report card, supporting calls that it can dodge recession despite the most aggressive interest-rate hikes in a generation.
Gross domestic product advanced in the second quarter by more than most economists’ estimates, buoyed by resilient consumer spending and robust business investment. Even so, price pressures still cooled, with underlying inflation rising at the slowest pace in more than two years.