The US economy grew faster than expected in the second quarter as labour market resilience supported consumer spending, while businesses boosted investment in equipment, potentially keeping a much-feared recession at bay.While the Department of Commerce’s advance second-quarter gross domestic product (GDP) report on Thursday sketched a picture of sustained strength in domestic demand, inflation subsided considerably last quarter.That led some economists to believe that the Federal Reserve would not need to raise interest rates beyond this year, but rather keep borrowing costs higher for a while. The United States central bank on Wednesday raised its policy by 25 basis points to a 5.25 percent to 5.5 percent range.
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