by Tim Smith
In a statement released last month, Federal Reserve members sounded pretty upbeat about the economy. They stated that the labor market had “strengthened,” and that the economy seemed to be gaining traction.1
They also stated “near-term risks to the economic outlook have diminished,” and that “household spending has been growing strongly.”2
After that announcement, many market participants thought a rate hike in September was a real possibility.
But everything changed last week, when the GDP growth for second quarter was released.