The quarterly updates for the US GDP were just released this morning, and here are the major take-aways:
- GDP grew at an annual rate of 2.1% in Q2, which is lower than the 2.4% estimate. (This is bullish/dovish)
- GDP increased from the 2.0% that it was in Q1, so it still went up slightly. (This is bearish/hawkish)
- Corporate profits are still down, but not nearly as much as in Q1. Decreasing only $10B in Q2, as opposed to $120B in Q1.
