The U.S. economy’s growth is cooling to just 1.5% in Q2, hurt by rising imports despite steady consumer spending. Inflation stubbornly stays above the Fed’s 2% target, while mortgage rates hit a 12-month high at 6.66%, making home buying tougher. Consumer confidence dips as gas prices and global tensions weigh on spending plans. Unemployment claims tick up to 197K, but layoffs remain historically low. The Fed holds rates steady at 3.6% for the fifth straight meeting — offering no immediate relief as borrowing costs stay high and wallets tighten.
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