News Summary

• The u.s. economy grew at an annualized rate of 1.5% over three months ending in June.
• Annual inflation has climbed to 3.5%, putting it more than a percentage point higher than the Federal Reserve's target rate of 2%.
• Still, hiring has proven more resilient than many economists feared, despite elevated costs for businesses and shoppers.
• The combination of elevated inflation and a resilient labor market has raised the chances of an interest rate hike, futures markets show.
• The Federal Reserve announced that it was holding interest rates steady on Wednesday afternoon, just hours before the release of the GDP data.