The U.S. economy grew at a sluggish 1.5% in Q2 as imports surged, but consumer spending held strong. Inflation cooled slightly to 3.7% year-over-year, down from 4.1% in May, while core inflation also edged lower. Still, Americans feel the squeeze, especially with midterms looming. The Fed kept rates steady for the fifth straight time, though some officials pushed for a hike to combat stubborn inflation. Growth is rebounding after last year’s slump, with job gains accelerating — but the picture remains mixed as the first GDP estimate only scratches the surface.
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