So, now what?
Today’s 3.4% advance estimate of second-quarter gross domestic product arrived a touch short of the 3.5% forecast that the dismal-science consensus called for, and landed even further astray of the 3.8% pace registered in the first quarter. But today’s GDP report wasn’t weak enough for the bond market, which quickly interpreted this morning’s data as being more of the same, namely, the continuation of an economic expansion that’s been rolling along.