US GDP figures, more on the US and EU vs China, and social media’s comeuppance

1. US GDP growth comes in at 4.1% for Q2
While the headline number was real growth for the quarter at an annualized 4.1% rate, the big deal was the inflation number attached to the headline number. Given the rise in GDP and in disposable personal income, and the relatively decent overall savings rate, this report makes four rate hikes in 2018 more likely. But the inflation numbers were lower than in Q1. And that gives the Fed scope to let the economy run without accelerating its hike timetable.

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