Automotive Dealer's Weekly Update 7/28/23
The Automotive Advisor Team
Economy
The U.S. government on Thursday is expected to report the economy grew at a 1.8% annual pace in the second quarter, according to economists polled by Reuters.
Despite that, the Federal Reserve raised interest rates by a quarter of a percentage point on Wednesday, citing still elevated inflation as a rationale for what is now the highest U.S. central bank policy rate in 16 years.
In the most recent economic projections from Fed, policymakers expect at least one more quarter-percentage-point increase would be needed by the end of this year. We will look at the impact that has on automotive in this week’s update below.
