Real GDP exceeded expectations in the 2nd quarter, despite concerns over tariffs, cooling inflation, soft housing data, and global economic pressures. Bright spots in the economy were a still-strong labor market, continued growth in capital markets, and rebounds in personal and government spending. Additionally, the Federal Reserve announced the possibility of target interest rate cuts, a favorable condition for equity markets, in the coming year.
Oil prices fell during the 2nd quarter as U.S. supply stockpiles rose and uncertain demand due to the trade war with China continued to concern investors. Crude oil prices declined to $54.66 per barrel in June, down 6.0% from the previous quarter. Prices for crude oil were 19.5% lower than last June.
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