Looking backward delivered another inspirational session for the bulls in the land of macro today. The US economy grew faster than previously estimated in the second quarter, according to this morning’s revision from the Bureau of Economic Analysis. GDP expanded 4.6% during the three months through this past June (real seasonally adjusted annual rate). That’s the best pace since the end of 2011 and a healthy improvement over last month’s 4.2% gain for Q2. But if growth is picking up, why is Mr. Market’s inflation forecast going down?
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