Results of the second reading on US GDP for Q2 (annualized):

  • Initial estimate was 1.7%
  • Personal consumption 1.8% vs 1.7% exp
  • Prior consumption was 1.8%
  • Sales 1.9% vs 1.7% exp
  • Core PCE +1.2% y/y, as expected
  • Business investment +4.4% vs +4.6% prior
  • Software spending +1.8% vs +1.8% prior
  • Corporate profits +4.2% vs -0.1% expected
  • Business inventory change +$62.6B vs +$56.7B prior

The Fed will feel much better about the taper with this. Look for USD strength.