The government’s preliminary estimate of gross domestic product for the second quarter, scheduled for release on Friday (July 26), is expected to reveal a substantial downshift in US economic growth, based on a set of nowcasts compiled by The Capital Spectator. Although output will be strong enough to skirt a recession through the end of June, the downshift comes at a time of rising concern that the economy’s forward momentum will continue to decelerate in this year’s second half.

Continue reading →

Trump and Congress agree on deal to raise debt, spending caps: Reuters
Bigger deficits look set to be legacy of Trump era: Politico
Trump administration considers ending food stamps for 3 million: Bloomberg
Presidential hopeful Elizabeth Warren predicts “economic crash”: Medium
Does Warren’s dire forecast pass the smell test?: CNBC
UK set to select new prime minister today: BBC
S. Korean fighter jets fired warning shots at Russian military aircraft: CNN
N. Korea’s Kim inspects new submarine that may carry missiles: NY Times
US economic growth remained subdued in June: Chicago Fed