U.S. GDP growth slowed slightly to 2.8% in the third quarter, and is not expected to change the Fed's pace of interest rate cuts

Odaily News The U.S. economy slowed slightly in the second quarter, though consumer spending remained strong. The economic report was released six days before the presidential election, in which the economy may be the defining issue. The stakes couldn't be higher for both candidates. Economists tend to think that Vice President Harris will do a better job of controlling the deficit and inflation; while voters tend to give Trump better marks on the economy. Torsten Slok, chief economist at Apollo Global Management, said the economy is running very well, thanks in part to the boom in artificial intelligence and government spending through programs such as the Inflation Reduction Act. On top of that, many homeowners locked in favorable mortgage rates when borrowing costs were low, making them less sensitive to the high interest rates of the past few years. The GDP data should not change the Fed's overall direction. The Fed cut interest rates last month and is expected to continue to cut interest rates. (Jinshi)