US Economy Slows Down Amid Persistent Inflation Concerns

The US economy has slowed down in the second quarter, growing at only 1.5% according to the GDP report released by the Commerce Department on Thursday.

This rate of growth is lower than what economists were expecting and marks a slowdown from the first three months of the year.

The Federal Reserve's preferred measure of inflation, the Personal Consumption Expenditures Price Index (PCE), rose 0.3% in June and stands at 3.3% higher than last year, excluding fluctuations in food and energy prices.

Inflation remains a major concern for the Federal Reserve, which is still trying to achieve its target of 2% annual inflation despite some signs of cooling.