According to the Commerce Department, U.S. gross domestic product grew at an annualized rate of 2.4% during Q2, well above the consensus estimate of 1.8%. Increases in consumer spending and nonresidential fixed investment, which includes spending on commercial real estate and equipment, led the growth of the economy in Q2. The economy withstood pressures from recession fears, higher interest rates, the Fed's hawkish policy tilt, and tighter bank lending standards. However, we believe growth will slow in the coming quarters as tighter lending standards and elevated interest rates take their toll.
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