(Washington)

The whole market has been waiting on today’s GDP report for weeks, and this morning it finally hit the tape. With so much anxiety about the possible impact of a trade war, coupled with the expectation that the tax cut gave the economy a big boost, it is hard to remember a time when a GDP report was more relevant. Well, the figure is in, and it is a winner—the US economy expanded at 4.1% in the second quarter.

FINSUM: This is a great number, but the issue is that it takes very little of the most recent developments—trade tensions—into a account because it is for the second quarter only. We imagine the third quarter GDP figure will be even more important.