US gross domestic product grew at an annualized rate of 1.5 % in the second quarter, below the 2.1 % expected by economists, confirming a marked slowdown in growth. Inflation, as measured by the PCE index, fell to 3.7 % in June from 4.1 % in May, driven notably by a 9.2 % decline in gasoline prices. The labor market remains resilient with an unemployment rate of 4.2 % and only 197,000 new jobless claims filed. Against this backdrop of mixed economic signals, the Federal Reserve kept its benchmark interest rates unchanged in the 3.50 % to 3.75 % range, seeking further evidence of a sustained return of inflation toward its 2 % target. Bitcoin is trading around $64,969, nearly 48.5 % below its all-time high.
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