2 important economic updates for the last week of July 2023.

The US GDP growth for Q2 2023 was 2.4% which was a marginal improvement from Q1.  However, we believe that Q2 would be the best quarter for 2023 because the US consumption would decline further.

The excess household savings had been depleted and the US consumers couldn't support the US economy like before.

The June PCE index showed that the core PCE of 4.1% was still at an elevated level (double of Fed's target).  Thus, the US Fed won't reduce its rates in 2023.