美国第二季度GDP增速上修至3.8%，创近两年新高，PCE物价指数2.6%

Core Insights - The U.S. economy grew at its fastest pace in nearly two years in the second quarter, driven by a significant upward revision in consumer spending data [1][2]. Economic Growth - Consumer spending, a key engine of economic growth, was revised up from 1.6% to 2.5%, becoming the main driver of the data revision [4][9]. - The second quarter's actual GDP annualized quarter-on-quarter growth rate was 3.8%, exceeding expectations of 3.3% [8]. - Non-residential investment growth was revised up from 5.7% to 7.3%, indicating strong corporate investment sentiment [9]. - Residential investment saw a slight downward revision, with the contraction increasing from 4.7% to 5.1% [9]. - Gross Domestic Income (GDI) growth was revised down from 4.8% to 3.8%, aligning with GDP growth [9]. Inflation and Monetary Policy - The core Personal Consumption Expenditures (PCE) price index annualized quarter-on-quarter growth was revised up to 2.6% for the second quarter, with expectations of near 3% year-on-year growth in the upcoming August PCE data [14]. - Persistent inflation pressures may constrain the Federal Reserve's decision-making, potentially limiting the extent of future interest rate cuts [14]. Market Reactions - U.S. stock futures experienced a slight decline, with the Nasdaq 100 index dropping by 0.6% [15]. - The U.S. dollar index rose approximately 20 points, currently reported at 98.10 [16]. - Spot gold prices fell by about $8, currently at $3746.41 per ounce [19].