In the second release of 2Q GDP, growth was revised higher to 2.5% qoq saar from the 1.7% rate originally reported in the advanced release. Consensus was looking for a smaller upward revision, to 2.2%. As expected, the revision was due to higher net exports: in the old data, they subtracted 0.8pp from growth; in the new data, they were flat. The Fed may disappoint the markets.
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