U.S. economy grew at a 3% rate in Q2

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The U.S. economy grew 3% in the second quarter, beating expectations and rebounding from a 0.5% decline in Q1. The growth was driven by a sharp drop in imports and stronger consumer spending, despite ongoing trade tensions and high tariffs. Consumer spending rose 1.4%, and inflation showed signs of easing. However, some underlying indicators, such as private domestic sales and residential investment, pointed to a possible slowdown, CNBC reported. President Trump hailed the report and renewed calls for the Federal Reserve to cut interest rates, which remain at 4.25%–4.5%.