'Remarkably robust' US economy grows 2.4%

More rate hikes expected

The US economy grew 2.4% over the last year to June, coming in higher than expectations, according to data published by the US Department of Commerce.

The surprisingly high figure came despite the continuation of the Federal Reserve's rate rising campaign, which yesterday (26 July) saw an increase of a 25bps to the highest levels seen in 22 years. US interest rates hit highest levels in 22 years Today's (27 July) data marked a rebound from the 2% growth rate measured during Q1 2023, and was well above economists' expectations of a 1.8% rise in GDP. The Department's Bureau of Economic Analysis, which describes GDP data as one of the three most influential economic measures that affect US financial markets, said the increase was th...