Pound Falls as Hard Brexit Looms
US gross domestic product growth has slowed substantially over the past year to 1.3% year-on-year in the second quarter. In its latest round of global forecasts, the International Monetary Fund (IMF) cut its outlook for US growth for 2016 from 2.2% to 1.6% and 2017’s forecast from 2.5% to 2.2%. Consumer spending is the main engine of growth, supported by low inflation and decent job growth. Headline inflation is below 1% and core inflation, which excluded volatile food and energy prices, is below 2%.