🚨 US Q2 GDP is out with +3.0% (vs 2.6% expected, –0.5% prior). Lots of devil in the detail. Good news is recession canceled (again). But despite great numbers on the surface, my conclusion is actually a modest slowdown and gives the Fed even more room to cut. Lets see the breakdown: Consumption: +1.0 pp Investment: +0.1 pp Government: +0.1 pp Inventories: –3.2 pp Net exports: +5.0 pp Trade distortions boosted the headline. If we strip out tariff-driven trade swings & volatile inventories, GDP looks very different: ➡️ Clean GDP ≈ +1.1% The underlying economy is growing modestly, leaning on households. Business investment remains weak, momentum is softer than the headline suggests. For the Fed, the 1% underlying growth signals weaker momentum and no over-heating.(Sina 🗝️⚡ 21st Capital)