US Economy's Tenuous Grip on Reality The latest government report will provide a snapshot of the economy's performance in the second quarter, against the backdrop of a historic oil shock that sent prices soaring.
The report's timing is no coincidence: just hours before its release, the Federal Reserve will announce its decision on interest rates. Inflation continues to outpace the Fed's target rate, with annual inflation at 3.
5%. Prices have risen by a full percentage point in just a few months, straining consumers and businesses alike.