Wall Street
The US gross domestic product recorded less than expected growth in the second quarter of this year, indicating that the monetary tightening policy pursued by the Federal Reserve is able to curb growth in the world’s largest economy.
The data showed that US gross domestic product grew by 2.1 percent during the second quarter of this year, less than expectations of 2.4 percent.
In the first quarter, the US economy grew by 2 percent.
US Federal Reserve Chairman Jerome Powell said a few days ago that the flexibility of the US economy may push the Fed to apply more interest increases in the coming period.
During a speech at the Jackson Hole Summit, Powell noted that the US economy, the largest economy in the world, is growing more than expected, and that consumer spending is accelerating, which are trends that could keep inflationary pressures going in the country.
Powell also affirmed the Federal Reserve’s determination to keep the key interest rate high until rate increases are reduced to the US central bank’s 2 percent target.
#America
#United State
2023-08-30 12:45:09
#expected. #economy #grows #quarter
