As rates descend, the economy remains aloft. Markets were buoyant last week as the first batch of meaningful macroeconomic data since the Federal Reserve launched its new easing cycle showed a U.S. economy generally steering clear of downdrafts. The final estimate of second-quarter GDP confirmed healthy 3% economic growth, while August durable goods orders and weekly first-time unemployment claims came in better than expected. Capping off the week, Friday’s release of the Personal Consumption Expenditures (PCE) Price Index proved benign, with August’s headline 12-month reading at 2.2% — down slightly from July and the lowest rate since February 2021.
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