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Key inflation gauge falls while economic growth slows — but the Fed could still raise rates

New York Post · back to the audit

A key inflation gauge fell for the first time in six years while the economy grew at a weaker pace than expected. But the data was significantly distorted by temporary shocks, including the war in Iran, higher oil prices and President Trump's tariffs — and there were several underlying signs of strength in the economy. A GDP report showed the US economy grew at an annualized 1.5% pace in the second quarter — below estimates of 1.8% growth. Consumer spending rose at a robust 3.2% annual rate. Business investment kept up a rapid pace — rising 15% in the second quarter. A September hike remains fully on the table for now.