GDP shows moderate growth better than expected.

The Bureau of Economic Analysis released its first estimate for the completed Q2 this morning. This will be revised again on August 29 and September 26.

Economic growth in the second quarter was estimated at 2.8% year over year. That was over the trade's expectation of 2.0%. This has the potential to disrupt expectations of two Federal Reserve interest rate cuts by the end of the year.

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