"Surprising US Economic Growth of 2.4% Despite Fed Hikes in Q2"

The US economy unexpectedly accelerated to a 2.4% annual growth rate in the April-June quarter, surpassing economists' forecasts of 1.5%. The growth was driven by a surge in business investment, with companies increasing spending on factories and equipment. Consumer spending remained solid but slowed from the previous quarter, while investment in housing weakened due to higher mortgage rates. Despite the Federal Reserve's efforts to combat inflation through interest rate hikes, the economy has shown resilience and optimism has grown that a recession can be avoided. The job market remains strong, with low unemployment rates and rising wages. Inflation is easing, and the GDP report suggests a stronger economy than desired, potentially leading to further rate hikes. However, the housing market remains a weak link due to low inventory and higher mortgage rates.