Part 5/9:
Despite concerns about tariffs and trade disruptions, the U.S. economy has performed relatively well, growing at a 3% annualized rate in the second quarter. However, Miller cautioned that this growth may be somewhat artificial, influenced by front-loaded consumer spending ahead of tariff hikes in the first quarter, which saw a decline. This "growth front loading" suggests a potential slowdown ahead once the initial boost wanes.
He pointed out that while the current strong growth figures justify stable interest rates, the sustainability of this pace is uncertain, especially as tariffs and global uncertainties persist.