US Q3 GDP growth slowed slightly to 2.8%, and the Fed's rate cut pace is not expected to change

Odaily Odaily News: The U.S. economic growth slowed slightly in the second quarter, but consumer spending remained strong. The economic report was released six days before the presidential election, and the economy may be the decisive issue in this election. The stakes couldn't be higher for the two candidates. Economists tend to believe that Vice Harris will do a better job in controlling deficits and inflation; while voters tend to give Trump better scores 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. In addition, 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 overall direction of the Fed. The Fed cut interest rates last month and is expected to continue to cut interest rates. (Jinshi)